By Dr Esraa Al-Shatti
In a tale that reads like a high-stakes thriller, Nicolas Puech, the 81-year-old heir to the Hermès dynasty, has set the luxury fashion world ablaze with an astonishing revelation. Last year, Puech grabbed global headlines with his daring decision to adopt his 51-year-old former gardener and bequeath him half of his staggering €12 billion fortune.
This audacious plan would have required Puech to liquidate his vast holdings in Hermès, an action that would have dramatically altered the landscape of luxury fashion. However, the narrative took a dramatic turn last month when Puech appeared in a Swiss court, alleging he had fallen victim to a "gigantic fraud.” Puech claimed that his financial advisor, Eric Freymond, had mismanaged his wealth for two decades, secretly selling off his Hermès shares. In a sensational twist, Puech’s lawyers suggested that he might have lost a staggering €12 billion.
Puech’s fortune is deeply entwined with the legacy of Hermès, a luxury brand founded by his ancestor Thierry Hermès in 1837. His wealth, largely inherited from his mother, Yvonne Hermès, is a testament to the family’s longstanding prominence in the luxury industry.
On July 24, the Geneva appeals court weighed in with a verdict that only deepened the intrigue. The court upheld the Public Prosecutor’s findings, stating there was no evidence of mismanagement by Freymond. The ruling noted with a hint of sarcasm that the "gigantic fraud” was "undetectable to common mortals” and criticized Puech’s claims as vague and poorly substantiated.
Puech’s testimony revealed that Freymond had managed his bank statements for the past 24 years. In 1998, Puech transferred his Hermès shares to Swiss banks, granting Freymond full control over his accounts. In 2022, Puech revoked these mandates, dismissed Freymond, and initiated three explosive lawsuits in 2023, accusing Freymond of withholding crucial information about the shares.
The court concluded that Puech had granted Freymond unchecked authority over his assets and could have terminated the agreement at any time. The ruling emphasized that Puech’s "blind trust” did not equate to evidence of dishonesty on Freymond’s part.
Adding another layer to the mystery, Hermès executive chairman Axel Dumas disclosed during an earnings call that the company had no visibility or control over Puech’s shares, intensifying the intrigue surrounding the case.
As this gripping drama unfolds, the burning question remains: what has become of Puech’s missing billions? The saga continues to captivate, with no resolution in sight, leaving the world to ponder the fate of a fortune that seems to have vanished into thin air.