Hermès Billions to Ex-gardener: The heir to the Hermès luxury handbag firm is embroiled in a public struggle with the charity organization he formed amid rumors that he wanted to withdraw its financing and instead adopt and gift billions to his 51-year-old former gardener.
According to Swiss media sources, Nicolas Puech, 80, a hidden fifth-generation descendent of Thierry Hermès, who established Hermès in 1837, has initiated the legal process of legally adopting the anonymous former gardener and aims to bequeath him half of his €12 billion (£10.3 billion) wealth.
Puech, who has no children, is trying to terminate a “succession agreement” he entered into with a nonprofit he founded in 2011 to finance “the protection and promotion of public debate.”
The Isocrates Foundation, which is led by Puech, declared on Tuesday that it had formally “opposed” its founder’s decision to dissolve the inheritance arrangement.
The organization stated that it “isn’t in a position to judge the process or context” of Puech’s desire to adopt his former employee.
“From a legal standpoint, the abrupt and unilateral annulment of a succession agreement appears void and unfounded,” according to the foundation. “The foundation has opposed this move, while leaving the door open to discussion with its founder and president.”
According to the foundation’s mission statement, it was formed to fund and assist “public interest journalism and media organizations committed to strengthening the field of investigative journalism,” as well as civil society organizations “working toward responsible digitalisation and a healthy digital public space.”
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It said that as a charity headquartered in Switzerland, it is “subject to the authority and supervision of the Swiss Federal Supervisory Board for Foundations.”
According to the Swiss daily Tribune de Genève, Puech, who is alienated from most of his family, has lately begun the legal process of legally adopting his nameless former gardener and handyman.
According to the publication, the anonymous Moroccan guy is married with two children, whom Puech refers to as his “children” and “adopted son.”
Puech’s lawyer did not reply to demands for comment. According to the lawyer, his client may make a news conference “to separate the fact from fiction and to dispel some of the nonsense that has been reported in the media.”
Puech is estimated to possess around 5.7% of Hermès’ stock. Hermès’ stock market value has risen since demand for luxury items has increased after the outbreak. Hermès shares have nearly doubled since April 2020, giving it a market value of €209 billion, making Puech’s holding worth little under €12 billion.
Hermès did not respond to a request for comment.
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