A descendant of Europe's richest family has reportedly begun a process to adopt his middle-aged former gardener and plans to leave him at least half of his €12 billion fortune.
Nicolas Puech, 80, a fifth-generation descendant of the founder of the French luxury goods group Hermes, wants to terminate a contract that bequeaths his assets to the Isocrates Foundation he founded and instead make his employee the legal heir.
Swiss newspapers Tribune de Geneve and 24 heures reported the news earlier this month, describing the potential heir as Puech's “servant, former gardener and craftsman.”
The nonprofit foundation denies Puech's plan to cut ties, which it says it only recently learned about. “From a legal perspective, unilateral cancellation of the inheritance contract appears void and without merit,” the organization said in a statement shared with CNN on Wednesday. “The foundation has therefore spoken out against terminating the contract, but leaves the door open for discussions with its founder.”
Referring to Swiss media reports about Puech's “desire to adopt his collaborator,” the charity said it was unable to “assess or comment on this initiative,” adding that it would “leave the decision to the relevant authorities.” “. on this issue.” CNN has reached out to the billionaire's attorney for comment.
According to its website, the Isocrates Foundation was founded by Puech in 2011 and has been funded by him ever since. It supports public interest journalism and civil society organizations committed to a “healthy digital public space”.
The inheritance agreement between the foundation and Puech, who has no known children, reportedly stipulates that his shares in Hermes will be left to the foundation. That is, unless he becomes a father. In this case, his child would be entitled to part of the inheritance, or at least 50% for a son.
Puech reportedly owns 5.7% of Hermes, a company known for its silk scarves and leather handbags. A post-pandemic boom in demand for luxury goods has catapulted Hermes to a valuation of nearly 211 billion euros ($230.8 billion), making Puech's stake worth around 12 billion euros.
The story goes on
Hermes stopped breaking down Puech's holdings in 2016, but listed him as having a 5.8% stake in its 2015 annual report. The latest report lists “other members of the Hermes family group” holding a 5.7% stake in the company.
The Hermes family is the third richest family in the world, according to an annual Bloomberg ranking released earlier this month.
This story has been updated with additional details.
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