The case of the missing Hermès shares takes another twist, with a new lawsuit against Hermès, LVMH, and LVMH’s CEO Bernard Arnault. It’s a long-running saga involving Nicolas Puech, a fifth-generation member of the family that founded the hallmark Hermès brand. At one point, he was the largest individual shareholder of the company, with about 5.7% of the ownership, 6 million shares, now valued at approximately $16.6 billion.
But, as previously reported, those shares have “disappeared.” At first, Puech accused his financial advisor of defrauding him, but a Swiss court dismissed the action. The advisor has since passed away.
In yet another controversy involving Puech, he sought to adopt his adult gardener to bequeath his fortune (the Hermès stock). Meanwhile, a foundation established by Puech claimed that he was contractually obligated to give it the stock. Never mind that no one could locate the ownership interest, nor when or if it was transferred.
At this point, you’re probably wondering what LVMH and Arnaud have to do with Hermès shares. Well, about 15 years ago, Hermès and others suspected that Arnaud and his companies were amassing Hermès stock in what was believed to be a bid for the company and led to a corporate battle. There was speculation in the Hermès family that Puech was the one selling his interest, though he has always claimed no knowledge of stock transfers.
Anyway, now Puech is suing LVMH and Arnaud, among others, in a civil case with a related criminal investigation, alleging he was deprived of his shares. LVMH and Arnaud deny they ever misappropriated Puech’s shares.
For background read: The Hermès Heir Apparently No Longer—Or the Case of the Missing Hermès Shares
- Maura Carlin posted 2 months ago
- last edited 2 months ago
