By
Bloomberg
Published
July 30, 2025
The enigma surrounding Hermès shares worth about €14 billion ($16.2 billion), once inherited by a member of the luxury brand’s founding family, is finally starting to unravel.
Hermès International SCA believes the family member, Nicolas Puech, has not held shares in the Birkin bag maker for some time, according to Executive Chairman Axel Dumas. His statement adds a new twist to a prolonged legal dispute — now further complicated by the recent death of Puech’s former wealth manager.
“I’ve known for a long time that Nicolas Puech no longer holds his shares,” Dumas told reporters on Wednesday during an earnings call. He made his most detailed public comment on the matter and explained, “That’s why we started legal proceedings.” He also stated that he doesn’t believe the company can recover the shares.
The uncertainty around Puech’s stake in Hermès has remained one of the most persistent questions following one of France’s most high-profile corporate battles. Over a decade ago, Bernard Arnault — founder of luxury conglomerate LVMH Moët Hennessy Louis Vuitton SE — revealed he had discreetly acquired a stake in Hermès. In response, the founding Hermès family united and successfully resisted the takeover attempt.
The status of Puech’s shares was never publicly clarified, even after Arnault’s 2014 agreement to begin unwinding his position. The mystery deepened in 2023, when Puech accused his former wealth adviser, Eric Freymond, of mismanaging his assets. Freymond died in Switzerland last week.
Puech, a fifth-generation heir, had been involved in a legal dispute with Freymond in Geneva over the management of his wealth, largely tied to approximately 6 million Hermès shares. The brand remains one of the most valuable luxury houses globally.
Dumas described Freymond’s death as “tragic” and “sad.”
Lawyers for both Puech and Freymond were not immediately available for comment.
The Hermès family, which includes over 100 members, is among Europe’s wealthiest dynasties. If Puech, who resides in Switzerland, were still holding his stake, he would be the single largest shareholder in the 1837-founded house known for its handbags and silk scarves.
Dumas himself is a sixth-generation descendant of the company’s founder. His late uncle, Jean-Louis Dumas, who once served as CEO of Hermès, was also Puech’s cousin.
