Nicolas Puech is an heir to the Hermès -Fortuin whose wealth is dressed in mystery. He is or is not a billionaire and has a significant or not in the luxury brand of his family, depending on when and where these matters come up.
A new lawsuit Submitted to the federal court at the end of last month Says that Mr Puech recently claimed that he has that interest, about 5 percent of the company, and had signed a deal to sell more than six million shares in Hermès to the Royal family of Qatar. But Mr. Puech also told the courts in Switzerland, where he lives, that his shares had disappeared in the hands of an asset manager.
The complaint in the federal court in the District of Columbia, initially public but now under seal, accused Mr Puech not to honor the sale, to add new intrigues to the permanent enigma of his wealth and a glimpse of the luxury ambitions of Qatar’s monarchy. The original court case was rejected by the court and the claimant again refused with a motion to keep it under seal.
Mr Puech, 82, is a great-grandson of Thierry Hermès, a 19th-century saddle maker who turned his company into a fashion powerhouse that was even honored by other fashion brands. Hermès – known for, among other things, the exclusive Birkin bags that it only sells to insiders – was appreciated on $ 300 billion in mid -FebruaryOnly a few days after Mr Puech signed a deal to sell his shares and then more than $ 15 billion worth the registrations in the court case.
It is not the first time that Mr. Puech and his part of the Fortune family have been the topics of a major debate and lawsuits.
In 2023 he made waves after he had moved to adopt his middle age, married Moroccan gardener to let him leave half of his fortune, Resistance of a good cause He had formed what the inheritance expected.
The new lawsuit, submitted by Honor America Capital, accuses Mr Puech of violation of the contract to sell his shares, and asks the court to order him to make up for his promise and to pay $ 1.3 billion compensation for “lost profit, opportunity costs and reputational damage.” The Company was formed by the deputy Emir of Qatar In Washington in February, and judicial documents show that it is supported by the Emir itself.
A contract and letters submitted to the complaint show that the deal was discussed for months and signed on 10 February. A representative for Honor America Capital wrote to Mr. Puech’s lawyer in Switzerland to “confirm that we have provided a full financing obligation of his highness Sheikh Tamim bin Hamad al Thani, Emir van de Staat Qatar” to close the deal.
But Mr. Puech delayed the transfer of shares twice on the basis of letters sent by his representative and submitted to the court. On March 19, his lawyer wrote to the company of the monarchy to say that despite ‘best and repeated efforts’ his client’ was unable to get his shares and had concluded that it would be ‘useless’ to determine a new closing date.
Lawyers for the parties did not respond to requests for comments. But Mr. Puech’s past could not have been lost on the Qataris, who have an extensive portfolio of high-quality retail and luxury-brands inclusive the department stock of Harrods and Printemps-Via their sovereign asset fund and Investment vehicles supported by the Royal Family. Nevertheless, the opportunities to get some of Hermès, apparently heavier than all worries about doing business with Mr. Puech, suggest some experts.
The share price of Hermès has enriched more than 200 percent in five years and the brand is always hot, even if other luxury suppliers have rented. Getting a 5 percent interest would be ‘super valuable’, said Eric Talley, a professor in Columbia University who specializes in business and transaction law.
It would be difficult to calculate compensation, based on the structure of the deal and legal rules on remedies, Mr Talley said, so instead of finding out, a judge could easily order Mr Puech to complete the deal. Even if it turns out that Mr. Puech is correct and the shares are not immediately accessible, a decision would in their advantage give the Qataris legal leverage if his estate is ultimately distorting and the shares appear again.
But listening to those shares can be extremely challenging. Mr. Puech has has filed a complaint in France Against his former asset manager, who repeated the claims he made in Switzerland that the shares had disappeared.
