Hermès billionaire plans to leave half of his fortune to ex-gardener and cut ties with charities

A scion of luxury handbag empire Hermès is embroiled in a public battle with the charitable foundation he founded after reports he planned to cut its funding and to adopt his 51-year-old former gardener instead. and bequeath him billions.

Nicolas Puech, 80 years old, secret descendant of the fifth generation of Thierry Hermès, who founded Hermès in 1837, has started the legal process to adopt formally anonymous. former gardener and plans to leave him half of his 12 billion euro (£10.3 billion) fortune, according to Swiss media.

Puech, who has no children, is trying to cancel a “succession agreement” he made with a charity he set up in 2011 to fund “the protection and promotion of public debate.”

The Isocrates Foundation, which has a board of directors of six including Puech as president, announced on Tuesday that it had formally “opposed” the decision of its founder to cancel the contract of inheritance.

The foundation said it “is unable to judge the process or context” of reports that Puech wanted to adopt his former employee.

“From a legal point of view, the sudden and unilateral cancellation of a succession agreement appears void and unfounded,” the foundation said in a statement. “The foundation opposed this decision, while leaving the door open for discussions with its founder and president.”

The foundation said it had was created to fund and support "public interest journalism". and media organizations committed to strengthening the field of investigative journalism” and civil society organizations “working towards responsible digitalization and a healthy digital public space”.

He said that as a Swiss-based charity, it is “under the authority and supervision of the Federal Foundation Supervisory Commission.”

Puech, who is separated from most of his family, recently began legal proceedings. to formally adopt his anonymous former gardener and handyman, according to the Swiss newspaper Tribune de Genève.

The newspaper says the anonymous man of Moroccan origin is married and has two children, and Puech refers to it. as his “children” and his “adopted son.”

Puech's lawyer did not respond to requests for comment. The lawyer told Bloomberg that his client could hold a press conference "to separate fact from fiction and clear up some of the nonsense reported in the media."

Puech would hold approximately 5.7% of Hermès shares. The stock market value of Hermès has soared amid booming demand for luxury products since the pandemic. Hermès shares have almost quadrupled since spring 2020, giving it a market value of 209 billion euros, bringing Puech's stake to just under 12 billion euros.

Hermès declined to comment.