Nicolas Puech, the billionaire heir to the Hermès fashion empire, is making headlines with his unconventional plan to adopt his 51-year-old former gardener and leave him a substantial part of his fortune.
Nicolas Puech reportedly plans to gift Hermès fortune to gardener
Puech, aged 80, is a fifth-generation descendant of Thierry Hermès, the founder of the iconic luxury fashion house. As one of the richest men in the world, Puech’s decision has sparked a considerable buzz in both financial and social circles.
According to reports, Puech, who reportedly owns between 5% and 6% of Hermès and is ranked as the world’s 162nd richest person, has an estimated net worth of $11.5 billion.
His plan to bequeath roughly half of this fortune to his gardener comes amidst a reported rift within the Hermès family over business decisions.
This move is seen as rare among legacy wealthy families but isn’t unheard of among the ultra-rich.
The gardener, whose identity remains undisclosed but is known to be of Moroccan descent and married with two children, could potentially inherit an estimated $5.9 million worth of property assets from Puech.
These properties are located in Switzerland, Morocco, Marrakesh, and Montreux. However, the inheritance of Swiss property may pose legal challenges due to the country’s strict laws on adult adoption.
Despite these potential hurdles, Puech has reportedly initiated the adoption process to make the gardener his official heir.
Puech’s decision follows a history of inter-family disagreements, notably involving a hostile takeover bid by LVMH (Moët Hennessy Louis Vuitton).
LVMH had stealthily acquired 23% of Hermès between 2001 and 2013, leading to a family response that saw the establishment of a holding company owning over half of Hermès’ shares.
While other family members consolidated their holdings, Puech retained his stake. His resignation from the company’s supervisory board in 2014 was reportedly due to feeling beleaguered by other family members.
Such unconventional decisions regarding wills and estates are not exclusive to Puech. In the past, fashion designer Alexander McQueen left a significant amount to his dogs, and a cat named Blackie inherited a fortune from its antique dealer owner.
Puech had previously dedicated his fortune to the Isocrates Foundation, which he founded to promote media diversity in Switzerland.
He is not directly involved in Hermès’ operations as of now. While Puech arranges the beneficiaries of his estate, Hermès continues to flourish, valued at approximately $220 billion, making it the second most valuable luxury brand after LVMH.