Hermès CEO's long-held conviction regarding missing shares of an heir

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Axel Dumas (Hermès) arrives to attend an official dinner as part of the US president's state visit to France, at the Élysée Palace, on June 8, 2024. Credits: LUDOVIC MARIN / AFP

Paris - "I have long been convinced that Nicolas Puech no longer has his shares," said Hermès group's chief executive officer, Axel Dumas, on Thursday. He was questioned about the disappearance of shares belonging to one of the group's heirs.

The fate of the shares of Mr Puech, 82, one of the great-grandsons of the founder of Hermès, is at the heart of a long and complex case with multiple twists. Last week, the Tribune de Genève and Le Point reported that his former wealth manager, Eric Freymond, against whom Mr Puech had filed a complaint, had taken his own life.

"We learned this news, which I personally describe as tragic," said Dumas on the sidelines of the group's results presentation. "We can only be distressed and saddened by this."

"I have long been convinced that Mr Puech no longer has his shares, and this is the reason why we have taken legal action," said the chief executive officer of the saddlery and leather goods company. "I await the legal action. I do not believe that these shares are recoverable."

Mr Puech, who resides in Switzerland, had inherited six million shares representing 5.76 percent of Hermès' capital, which at the current share price represents an amount of nearly 14.5 billion euros. The shares have now disappeared.

One of the unresolved questions is whether these shares had been sold or not when Bernard Arnault, the head of LVMH, had discreetly accumulated a stake in his competitor.

In 2023, this case took a new turn when Mr Puech claimed to be ruined. He filed a complaint against his former wealth manager, believing that he had used subtle arrangements to make his shares disappear.

Last year, his complaint had "been dismissed by the Geneva courts", which "exonerated Freymond", reported the Tribune de Genève. However, Mr Puech also filed a complaint in France.

This article was translated to English using an AI tool.

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