Nicolas Puech, the 80-year-old scion and largest individual shareholder of the renowned French luxury brand Hermès, has surprised everyone with his unconventional decision to pass on a portion of his estimated $11 billion fortune to his "former gardener and all-around handyman," as reported by Tribune de Genève.
Residing in Switzerland's Valais canton, Nicolas, who holds a substantial stake of 5% to 6% in Hermès, has reportedly chosen to "upend his succession plan" in favor of the 51-year-old gardener from a modest Moroccan family.
The intriguing move was initiated in October 2022, when he instructed his lawyer to navigate the complexities of both his succession situation and an adoption process.
Nicolas' fortune, estimated by Bilan magazine at almost 10 billion Swiss francs (approximately P632 billion), is primarily tied to his stakes in Hermès, known globally for its exquisite handbags and silk scarves. If successful, the adopted heir could inherit "at least half" of this substantial wealth, a scenario currently undergoing confirmation by the Valais administration.
Nicolas' philanthropic act, however, faces opposition due to a succession pact he signed in 2011 in favor of the Geneva-based foundation Isocrate. The foundation, dedicated to supporting journalism-related NGOs combating disinformation, expressed surprise at his apparent change of heart, revealed through a handwritten note in February 2023. Despite opposing the annulment of the pact, the foundation remains open to discussion, citing potential threats to its public utility activities.
The decision to reconsider his succession plan echoes the complex history of Hermès, particularly during the early 2010s when the founding family resisted LVMH's takeover attempts. At that time, Nicolas, a dissenter, chose not to join the structure called H51, created to thwart Bernard Arnault's ambitions.
Source: Tribune de Genève, Bilan magazine
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