Nicolas Puech is alleging his former wealth manager sold his shares in Hermès without his knowledge.
Nicolas Puech, a former billionaire and Hermès heir, is suing LVMH and its billionaire founder Bernard Arnault , according to multiple reports, alleging Puech’s wealth manager sold his roughly six million shares in his family’s luxury goods and handbag company without his knowledge—which would be worth over $16 billion now.
Copyright 2020 The Associated Press. All rights reservedPuech sued his former wealth manager Eric Freymond, Arnault, LVMH and holding companies associated with both men,The Hermès heir alleges Freymond moved his shares in his family’s company without his knowledge when LVMH began amassing a stake in the Birkin handbag manufacturer over a decade ago. The lawsuit values Puech’s lost Hermès shares at 14 billion euros, or roughly $16.3 billion, according to Reuters andafter being struck by a train in Switzerland. A criminal investigation into Puech’s claims is still underway in France, but only Freymond is currently under investigation, Reuters reported citing the Paris prosecutor’s office.the company “never, at any time, misappropriated shares of Hermes International,” and also denied holding “any ‘hidden’ shares, contrary to what Mr Nicolas Puech suggests.”Arnault built LVMH into the luxury juggernaut it is today by purchasing up other companies over the last few decades, including cosmetics brand Sephora in 1997 and legacy jeweler Tiffany & Co. in 2021 for $15.8 billion. In 2010, Arnault revealed he had quietly amassed a 23% stake in Hermès, one of his company’s largest luxury rivals. The two companies in 2014 when Arnault agreed to distribute LVMH’s stake to shareholders, but the billionaire’s holding company maintained an 8.5% stake in the company.
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