Qatar emir enters fray in Hermès billionaire family feud
New facts have emerged regarding the long-standing conflict within the family of Hermès' inheritors. This concerns 82-year-old Nicolas Puech, the great-grandson of the brand's founder and its largest shareholder. The new and, as we read, surprising player in this matter is the Emir of Qatar.
The Hermès brand is famous for its expensive "Birkin" and "Kelly" bags, as well as its silk scarves. Last year, the company ended with a record financial result, and its shares have increased by 200 percent over the past five years. Today, the Hermès empire is valued at about 300 billion dollars.
The group of Thierry Hermès' descendants, who receive dividends, numbers around 100 individuals from the 19th-century French brand's founding family. Nearly 5 percent of the family's company shares is enough for Puech to be the largest shareholder.
What is the dispute about? It's about money. "The New York Times" obtained documents showing that in February, Nicolas Puech signed an agreement to sell his shares, claiming he was in possession of them. The buyer was supposed to be Honor America Capital, backed by the Emir of Qatar, Tamim bin Hamad Al Thani. It is HAC that sued Puech, accusing him of breaking the contract terms and delaying the sale transaction.
There we can read that in March, Puech’s legal representative informed Honor America Capital that his client lacks access to the shares, a situation that is preventing the completion of the transaction in question. As a result, Honor America Capital is seeking $1.3 billion in compensation from Puech.
Hermès empire. What role does Nicolas Puech play?
In 2014, the Hermès descendants' family established a holding to protect the brand from being taken over by LVMH, controlled by Bernard Arnault, who alternates with Elon Musk for the top spot on the list of the world's richest people.
Puech did not join the holding. Although he previously served on the board, he distanced himself from the family while retaining 5 percent of the shares.
In 2023, Puech made headlines once more when he revealed plans to adopt his long-time gardener and close friend, citing the absence of direct heirs as the reason for choosing this unconventional path to transfer his wealth.
It was then that information first emerged that Nicolas Puech had lost control of his shares and had no access to them. Puech blamed his financial advisor, but the Swiss court did not side with him.
