Hermès heir awarding 51-year-old gardener $11B fortune

Real Estate

By Mary K. Jacob

Eighty-year-old billionaire, Nicolas Puech, scion of the iconic fashion dynasty Hermès, is allegedly orchestrating a staggering succession saga that involves adopting his 51-year-old gardener.

Puech, unmarried and without children, plans to legally designate his “former gardener and handyman” from a “modest Moroccan family” as his rightful heir, as reported by the Swiss publication Tribune de Genève.

This unorthodox move to pass on his immense wealth and real-estate properties to his gardener has sparked intense speculation.

Puech, a fifth-generation descendant of Thierry Hermès, who laid the foundation of the luxury fashion house in 1837, commands a considerable share in the now $220 billion-valued company, ranking among Switzerland’s wealthiest individuals with an estimated worth of $10.3 billion to $11.4 billion.

Allegedly, Puech has initiated legal proceedings, supported by a formidable legal team, to formalize the gardener’s adoption, which forms a crucial part of his revised estate arrangements.

The gardener is reportedly married to a woman from Spain, with two children of their own, and stands to inherit a significant portion of Puech’s fortune, which includes acquiring substantial properties in Marrakesh, Morocco and Montreux, Switzerland valued at $5.9 million.

Hermès did not immediately respond to a request for comment.

Delving into Puech’s history with Hermès provides a glimpse into the motivation behind this atypical choice for his heir.

A bitter rift emerged in 2014 when LVMH, a rival luxury conglomerate, acquired a substantial stake in Hermès, sparking an acrimonious battle within the family.

Puech’s departure from the company’s board amid this turmoil signaled irreparable discord with his kin.

“He resigned because he has felt for several years beleaguered by members of his family, who have attacked him on several fronts, not only regarding LVMH,” stated a spokesperson for Puech at the time.

Puech’s unconventional plan faces formidable challenges, navigating complex legal hurdles for an adult adoption, an exceedingly rare occurrence in Switzerland.

Reports suggest requirements for such adoptions demand a prior relationship during the adoptee’s minor years — a condition potentially challenging to fulfill.

Moreover, conflicting commitments loom large.

Puech had previously committed his fortune to the Isocrates foundation, established by him to combat misinformation.

Attempts to retract this pledge might trigger a fierce legal battle akin to past family feuds.

The foundation, in a statement shared with Fortune, opposes any unilateral cancellation of the inheritance contract, signaling a potential showdown.

Reports suggest that the adoption maneuver may serve as a legal tactic to preempt any interference from the foundation in Puech’s will.