A scion of Europe’s richest family is making headlines after reportedly starting the process to adopt his middle-aged gardener and planning to leave him at least half of his $13 billion fortune.
Nicolas Puech, 80, a fifth-generation descendant of the founder of the French luxury goods company Hermes, aims to cancel a contract that would bequeath his fortune to the Isocrates Foundation, which he founded, and instead turn his employee into a legal heir.
Swiss newspapers Tribune de Geneve and 24 Heures reported the news earlier this month.
The charitable foundation opposes Puech’s plan to cut ties, which it says it only recently learned about. Despite this, the foundation is leaving the door open for talks with its founder.
Established by Puech in 2011 and funded by him since, the Isocrates Foundation supports public interest journalism and civil society organizations working toward a “healthy digital public space,” according to its website.
The billionaire’s inheritance contract with the foundation, which remains in effect as long as he does not have a child, stipulates that his shares in Hermes remain in the hands of the foundation. Notably, if he were to have a son, the child would be entitled to at least 50% of the inheritance.
Puech reportedly owns 5.7% of Hermes, a company known for its silk scarves and leather bags. The post-pandemic surge in demand for luxury goods has propelled Hermes to a valuation of nearly $230.8 billion, making Puech’s stake worth about $13 billion.
The Hermes family is the third richest in the world, according to an annual Bloomberg ranking published earlier this month.