His fortune has disappeared before reaching Qatar

Nicolas Puech should be one of those people that most of the planet label as “fortunate.” The key is given by its second and unmistakable last name: Hermés. It is, about the role, the largest private shareholder of the luxury firm, and a few months ago it was the protagonist for its curious succession plan: adopt your gardener to make it legitimate heir. It happens that, overnight, His fortune evaporated for an alleged scam of its administrator. Qatar has just passed the same with Puech.

The emir and a failed agreement. Nicolas Puechdirect descendant of the founder of HermesThierry Hermès, embodies one of the more complex mysteries and fascinating the European luxury universe. At 82, his figure ranges between opacity and scandal, wrapped in litigation, contradictions and unexpected movements that have questioned not only the magnitude of their fortune, but also their handling and the veracity of their heritage statements.

Although a significant participation in Hermès is attributed to him, valued in approximately 5 % of the company (which would be equivalent to More than 15,000 million dollars), Puech has maintained contradictory speeches. While in a recent demand presented in a federal court in Washington DC, it is claimed that he acknowledged to possess that share package and signed his sale to the Royal Catar family, in other Swiss judicial instances he has argued that his actions disappeared in hands of a financial managergenerating a chain of uncertainties that surround its true level of control over the famous French fashion house.

A fortune in question. The case that has put Puech back in the center of the international stage Lo Capital America begana company founded in February For the Viceemir de Catar in Washington and backed by Emir himself, Tamim Bin Hamad Al Thani. The company accuses Puech of having Failure a contract Signed on February 10, 2025, in which he promised to sell more than six million shares of Hermès. Documents included in The demand They show that the parties discussed the agreement for months and that the Catarí side provided direct financing guarantees from the throne.

However, despite the formal closure of the deal, Puech twice delayed the transfer of the actions. In a letter sent on March 19, his lawyer claimed that, despite the “best and repeated efforts”, his client was “unable” to access his actions, and considered useless to establish a new closing date. The Catarí company now demands the courts that force Puech to fulfill the agreement or, alternately, compensate for it with 1.3 billion dollars for losses, opportunity costs and reputational damage.

The past: a puzzle. As we said at the beginning, this is not the first time that Puech is involved in controversies related to its heritage. As We explainin 2024 he generated headlines after trying legally to his Moroccan gardener, a middle -aged and married man, to read half of his fortune, a decision that She was challenged by a charity foundation created by Puech himself, who hoped to inherit his heritage.

To this is added its prolonged conflict with Your former financial managerwhom he accused in Switzerland and then in France of having stripped him of his participation in Hermès. However, a Swiss court rejected the fraud accusation, noting that Puech had voluntarily ceded the control of its assets to the administrator. With this breeding ground and background, added to its historic Rupture with the Hermès family (caused by his support for the tycoon Bernard Arnault in his failed attempt To take control of the company), they have made Puech an isolated, politically uncomfortable and legally unpredictable figure within the French business environment.

Qatar and motivations. Had the New York Times This week that the Royal Catar family is no stranger to the world of international luxury, obvious. Through its sovereign fund and investment vehicles, it controls relevant participations in brands, hotels and prestigious stores such as Harrods and Printemps. The opportunity to acquire a 5 % participation In Hermès (one of the houses more profitable and exclusive of the sector, whose stock capitalization has grown more than 200 % in the last five years) was extremely attractive.

According to Eric TalleyProfessor of Corporate Law at Columbia University, a participation of that magnitude would have an incalculable strategic value for any global luxury actor. Despite the risk of dealing with a character as enigmatic as Puech, the potential to access a piece of the heart of the French luxury industry exceeded any caution. Hence, the demand, in addition to trying to rescue the frustrated agreement, could also serve as legal tool to obtain rights on Puech assets in case they resurface in their assets or activate after their death.

A legal maze. Beyond the signed contract and the financial interest, the great obstacle to the tasks seems to be the very existence of actions. If Puech really does not have access to them, the forced compliance with the contract becomes much more than a problem. However, if a judge determines that the agreement was valid and binding, the sentence could grant the Emirate A legal advantage In the long term, in the event that the titles reappear or are identifiable within the succession heritage of the heir.

In parallel, Puech He has reactivated his legal offensive In France against its former manager, reiterating the accusations already ruled out by the Swiss judges. The process, now wrapped in a new veil of secrecy due to the confidentiality of demand in the United States, could be extended for years and keep blocked A capital portion whose real existence, ownership and location remain in doubt.

We assume that sooner or later this story will have its reflection in the cinema: in the center, a lone octogenarian, whose fortune no one can confirm at all, and whose influence (although invisible) continues to generate global repercussions.

Image | Pexels, The Presidential Press and Information Office

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In Xataka | Hermés’ heir millionaire adopted his gardener. His fortune has evaporated before he reaches his garden