A legal battle is brewing between an heir to the Hermès fortune and LVMH, the luxury goods conglomerate led by Bernard Arnault, one of the world’s wealthiest individuals.Nicolas Puech is alleging that shares now worth an estimated €14 billion were improperly transferred from his ownership decades ago. The lawsuit, filed in a Paris court, centers around claims involving Puech’s former wealth manager and echoes a previous period of contentious dealings between the two luxury giants in the early 2000s [[1]].
An heir to the Hermès luxury empire is claiming a current net worth of €14 billion, a fortune now attributed to the rival Arnault family.
What happened? Nicolas Puech, a former billionaire heir to Hermès, has filed a lawsuit against LVMH (Louis Vuitton Moët Hennessy) and its founder, Bernard Arnault, one of the world’s wealthiest individuals.
Why? The lawsuit names Puech’s former wealth manager, Eric Freymond, as well as Arnault, LVMH, and associated holding companies, according to Reuters. Puech alleges that Freymond transferred his shares in the family-owned business without his knowledge over a decade ago, coinciding with LVMH’s initial accumulation of a stake in the Birkin bag manufacturer.
How much is at stake? The suit claims the “lost” Hermès shareholding is now valued at €14 billion.
What are the key figures saying? Freymond is unable to respond to the allegations, having died in July after being struck by a train in Switzerland.
Is the claim legitimate? The case extends beyond a belated realization by a scion of a prestigious company; it follows a prior criminal investigation in France where Freymond was a suspect. The dispute also echoes a previous, covert attempt at share accumulation that strained relations between the two families.
What has Arnault’s response been? LVMH has not responded to inquiries from Forbes.
Arnault’s acquisition strategy. Over decades, Bernard Arnault has built the LVMH luxury conglomerate, now encompassing over 70 brands, through a series of acquisitions – including Sephora in 1997 and Tiffany & Co. in 2021 for $15.8 billion. These moves were publicly disclosed, as LVMH’s shares are traded on the Paris stock exchange, alongside Hermès stock.
The initial covert share accumulation. In 2010, it was revealed that LVMH had quietly built a 23% stake in Hermès through various channels and intermediaries. The Hermès-Dumas family, the majority owner, viewed this as a prelude to a hostile takeover attempt. The French market regulator (AMF) investigated whether LVMH had complied with disclosure requirements. However, a protracted legal battle was avoided by both sides.
In 2014, the parties reached an agreement: Arnault committed to distributing LVMH’s shares to its shareholders, while his holding company retained an 8.5% stake. This significantly reduced Arnault’s personal influence, and reassured the Hermès dynasty that a hostile takeover was no longer imminent. The resolution highlights the complexities of navigating ownership and control in the luxury goods market.
Net worth. Forbes currently estimates Bernard Arnault’s net worth at $188.6 billion, making him the seventh richest person in the world.
Puech fell off the Forbes billionaire list in 2025, while still engaged in legal disputes with Freymond (prior to the wealth manager’s tragic death in July).
In 2023, the 82-year-old Puech also garnered attention when he announced his intention to adopt a gardener and bequeath a portion of his fortune to him.
