Hermès Billionaire Plans to Leave Half of Fortune to Ex-Gardener and Cut Ties with Charity
Nicolas Puech, a descendant of the Hermès luxury handbag empire, is in a public battle with the charitable foundation he founded after reports of his plan to cut its funding and adopt his former gardener.
Nicolas Puech Plans to Cut Ties with Charity
Nicolas Puech, an 80-year-old fifth-generation descendant of Hermès founder Thierry Hermès, has sparked controversy by beginning the legal process of cancelling a succession agreement with a charity he established in 2011. He plans to cut the foundation's funding and instead adopt his former gardener, whom he wishes to leave half of his €12bn fortune to.
Puech, who has no children, has reportedly initiated the adoption process for his 51-year-old former gardener. Swiss media reports have revealed that he wants to bequeath his fortune to the gardener, in a move that has shocked the public and the charitable community.
The Isocrates Foundation, which Puech established, released a statement announcing their opposition to the cancellation of the inheritance contract. While they are open to discussion with the foundation's founder, they believe the unilateral annulment of the agreement to be unfounded and void.
The Isocrates Foundation and its Purpose
The Isocrates Foundation was established by Puech in 2011. It aims to fund and support public interest journalism, media organizations dedicated to investigative journalism, and civil society organizations working towards responsible digitalization and a healthy digital public space.
As a charity based in Switzerland, the foundation operates under the authority and supervision of the Swiss Federal supervisory board for foundations. Its mission is to promote and protect public debate while strengthening the field of investigative journalism.
Nicolas Puech's Adopted Son and Further Details
According to the Tribune de Genève newspaper, the unnamed former gardener and handyman that Puech plans to adopt is of Moroccan origin and is married with two children. Puech refers to them as his 'children' and 'adopted son'.
Puech, who is estranged from most of his family, is believed to own approximately 5.7% of Hermès' shares. With the boom in luxury goods demand during the pandemic, the market value of Hermès has surged. This increase in value has made Puech's stake in the company worth just under €12bn.
