He recently gained attention for his unusual succession plan: adopting his gardener as a means to make him the legitimate heir. However, part of the fortune that Puech intended to leave him disappeared, leading the billionaire to accuse his financial manager of alleged fraud. More recently, he seems to have lost some of his shares once again before they could reach their new buyer: the Qatari royal family.
A deal gone wrong. At 82 years old, Puech embodies one of the most complex and intriguing mysteries within the European luxury sector. He’s currently entangled in several legal disputes that question the extent of his wealth, management, and the accuracy of his financial claims.
Puech supposedly owns a significant stake in Hermès valued at around 5% of the company (more than $15 billion). However, there are uncertainties about his actual control over the French fashion house. In a recent lawsuit filed in federal court, he’s said to have signed a contract to sell it to the Qatari royal family. In contrast, he claimed in Swiss courts that his shares went missing under the management of a financial advisor.
Where’s the money? Qatar’s Vice-Emir in Washington recently founded finance company Honor America Capital, which Emir Tamim bin Hamad Al Thani backed. The company accuses Puech of breaching a contract signed on Feb. 10, 2025, where he agreed to sell over six million shares of Hermès. Documentation included in the lawsuit indicates that the parties engaged in negotiations for months, with the Qatari side providing guarantees for direct financing.
Despite formally closing the deal, Puech delayed the transfer of shares twice. In a letter dated March 19, his lawyer claimed that his client was “unable” to access his shares despite “best and repeated efforts.” He also deemed it pointless to propose a new closing date. The Qatari company is seeking court enforcement of the agreement. Alternatively, it’s asking $1.3 billion in compensation for losses, missed opportunities, and reputational damage.
Context. In 2024, Puech stirred controversy by attempting to adopt his Moroccan gardener, a middle-aged married man. He wanted to bequeath him half of his estate. This move was contested by a charitable foundation he established, which hoped to inherit his assets.
Additionally, Puech has a longstanding conflict with his former financial manager, whom he accused of stripping him of his Hermès stake in legal proceedings in Switzerland and France. However, a Swiss court dismissed the fraud allegations, noting that Puech had willingly ceded control of his assets to the manager.
His rift with the Hermès family is well-documented after he showed support for LVMH CEO Bernard Arnault’s failed bid to control the company. This troubled history has rendered Puech a politically awkward and legally unpredictable figure in the French business landscape.
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Qatar. The New York Times recently reported on the Qatari royal family’s deep ties to the world of international luxury. With its sovereign wealth fund and several investment vehicles, Qatar controls significant stakes in prestigious brands, hotels, and department stores, including Harrods and Printemps. The opportunity to acquire a 5% stake in Hermès was particularly appealing. In the end, Hermès is one of the most profitable and exclusive luxury houses, with a market cap that has increased by more than 200% over the past five years.
Experts say that a stake of that magnitude holds immense strategic value for any global luxury player. Despite the risks associated with dealing with someone as enigmatic as Puech, the potential to gain access to a central piece of the French luxury industry outweighed any concerns. As a result, the lawsuit not only aims to revive the stalled deal. It could also serve as a legal tool to secure rights to Puech’s assets if they emerge in his estate or become active after his death.
A legal maze. Beyond the signed contract and financial interests, one big obstacle for the Qataris is the actual existence of the shares. If Puech indeed doesn’t have access to them, enforcing the contract will become much more complicated. However, a judge could determine that the agreement was valid and binding. If the securities reappear or become identifiable within the heir’s estate, this ruling could provide Qatar with a long-term legal advantage.
Meanwhile, Puech has resumed its legal actions in France against its former manager, reiterating accusations that Swiss judges previously dismissed. The process is now shrouded in secrecy due to the confidentiality of the lawsuit in the U.S. Additionally, it could drag on for years, potentially blocking a portion of capital whose true existence, ownership, and location remain uncertain.
Image | Henry Chen
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The post The Hermès Heir Who Adopted His Gardener Has Lost His Shares Again. The Emir of Qatar Is Suing Him appeared first on Xataka On.
