Hermes Billionaire’s Charity Fights Plan to Cut Inheritance

The battle is intensifying in between Nicolas Puech, the 80-year-old billionaire Hermes luxury empire heir, and his charitable foundation, Isocrates. Puech is seeking to cancel his inheritance contract with the foundation, prompting public opposition from the organization. 

This development follows reports that Puech has initiated procedures to adopt his middle-aged gardener, who would inherit part of his substantial fortune. The Isocrates Foundation has contested the unilateral annulment of the succession agreement, expressing a willingness to engage in discussions. The dispute sheds light on the secretive Puech, who became a family outcast over a decade ago due to his involvement in a corporate feud against rival LVMH. 

With Puech’s stake in Hermes potentially worth billions, the conflict occurs amid the company’s post-pandemic surge in demand. Puech’s decision to adopt his gardener adds a surprising twist to his complex relationship with the Hermes family and business.

For more information see Tara Patel “Hermes Billionaire’s Charity Fights Plan to Cut Inheritance”, Bloomberg, December 19, 2023.