Heir to Hermès Fortune Says His $13 Billion Is Missing

Nicolas Puech, the Hermès heir who gained media attention last year for reportedly planning to leave half of his €12 billion ($13 billion) fortune to his gardener, claims his wealth is missing.

The fifth-generation descendant of Hermès founder Thierry Hermès claimed in court documents that he lost possession of 6 million Hermès shares valued at $13 billion, and accused his former wealth manager, Eric Freymond, of being involved in the loss, as reported by the Swiss investigative news outlet Gotham City.

According to the Swiss news outlet Tribune de Genève, the stock was deposited in a Geneva bank in 2012, but it is now unclear where the shares are located. Puech, aged 81 and without children, was the largest individual shareholder of Hermès, owning 5.7% as of last year.

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A Swiss court, however, ruled on July 12 that Freymond is not responsible for the missing fortune and that it found no evidence of fraud or mismanagement over the 24-year period when he worked as Puech's wealth manager. The court said Puech had willingly given Freymond control over his finances and did not believe he was tricked.

Puech terminated Freymond's services in October 2022 to assess his financial standing and prepare for succession, the Swiss court said.

The following year, Puech filed three lawsuits against Freymond, alleging that the wealth manager had withheld information, was either unable or unwilling to return the Hermès shares, and had mismanaged his foundation, loans, and other investments.

Hermès was founded in Paris, France in 1837 as a horse-saddle manufacturer. It later evolved to become one of the world's leading luxury brands, renowned for its high-end products like silk scarves and leather handbags. As of recent reports, Hermès has an estimated valuation of nearly €211 billion.