Hermès Heir With Missing Shares Sues LVMH And Its CEO

UPDATE September 17, 2026

The plot thickens. Yes, Hermès heir Nicolas Puech’s shares of Hermès stock remain missing. And LVMH has denied in court filings that it had a secret plan to purchase those shares (read below).

BUT in a real twist, news agency Reuters reports (as read in Business of Fashion) that it has reviewed a 2002 signed agreement between LVMH representatives and Puech’s financial advisor Eric Freymond, who passed away last year. According to the reporting, “LVMH and its chairman’s family holding company paid Freymond’s management firm at least $20 million in commissions and fees between 2001 and 2009 as Freymond helped LVMH secretly build a massive stake in Hermès.”

And, if you’ve been following this story, you’ll recall that in October 2010 LVMH Chair and CEO Bernard Arnault disclosed that he and the firm had acquired a 17% ownership stake in Hermès, which ultimately grew to 23%. Hermès accused LVMH of trying to gain control of its family-owned company. Ultimately, in 2014, LVMH agreed to liquidate its Hermès shares.

The source of those shares has never been identified, though Puech was suspected. Could this be the proof everyone was looking for about where the stock came from? But, it still doesn’t answer Puech’s question about where did it go? No doubt this will continue to play out in a French court. Stay tuned.

Read more here 

***********

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.

Read here, here, and here.

For background read: The Hermès Heir Apparently No Longer—Or the Case of the Missing Hermès Shares