Paris, December 06, 2025
Nicolas Puech, heir to the Hermès fortune, has filed a civil lawsuit in Paris against LVMH CEO Bernard Arnault and associated family offices, alleging the unlawful transfer of approximately 6 million Hermès shares worth over €14.3 billion. The complaint claims the shares disappeared under the management of Puech’s former wealth advisor.
Core Allegations and Missing Shares
Puech asserts that Éric Freymond, his wealth manager for three decades, sold about 4.8 million Hermès shares to LVMH starting in 2008 without his authorization. These bearer shares—securities unregistered to an owner—originated from inheritance by Puech’s mother and sister. The opaque nature of bearer shares left them vulnerable to confidential transactions. Freymond’s disclosed sales allegedly predate other undefined transfers, culminating in Puech’s loss of share control.
The financial magnitude of the missing assets has prompted French authorities to initiate a criminal investigation into potential misappropriation and irregularities surrounding Puech’s fortune. Notably, Freymond was found dead under mysterious circumstances on July 23, 2025, near Gstaad, Switzerland, adding complexity to the unfolding legal inquiry.
Response from LVMH and Historical Context
LVMH and Bernard Arnault have categorically denied all allegations. In a December 3, 2025 statement, LVMH emphasized that neither they nor any shareholders hold undisclosed Hermès shares or diverted shares without knowledge and accused Puech of conducting a coordinated media effort. The company attributed the share sales to managerial decisions made by Freymond, distancing itself from any misconduct.
This legal dispute revives historical tensions between the two brands, especially after LVMH’s unexpected acquisition of a 23% stake in Hermès in 2010, a move that disrupted the French luxury market. While other Hermès heirs entered a pooling agreement to protect the company from takeovers, Puech notably abstained, a decision that intertwines with his current legal battle. LVMH divested its Hermès holdings by late 2014, transferring shares to individual and institutional investors.
Additional Legal Challenges in the United States
Compounding the situation, Puech faces a separate lawsuit in the United States by Honor America Capital LLC, a Qatar-backed investment firm. HAC alleges that Puech breached contract terms related to a share sale agreement funded by Qatar’s Emir in February 2025. Due to the disappearance of the shares, Puech was reportedly unable to fulfill the transaction. HAC demands either specific performance or damages exceeding $1.3 billion, intensifying the legal and financial stakes for the heir.
Implications and Outlook
The ongoing litigation and investigations underscore critical issues around corporate governance, transparency in wealth management, and shareholder rights within the luxury industry. The case places a spotlight on the risks linked to bearer shares and the fiduciary responsibilities of financial advisors managing significant family fortunes. Resolving these disputes will have significant repercussions for Hermès’s heritage and may set precedents in the management and protection of inherited wealth in highly competitive corporate environments.