Where are Hermès' missing billions? The French brand's heir demands an investigation.

Billions of euros worth of shares have disappeared, a longtime advisor has mysteriously died, and the Hermès heir claims he was defrauded. Nicolas Puech is demanding an investigation into the disappearance of 6 million shares of the family brand.

Nicolas Puech , heir to the Hermès fortune, is filing a formal investigation into the mysterious disappearance of 6 million shares in the family brand , worth approximately €14.5 billion . He made the decision shortly after the tragic death of his longtime financial advisor, Eric Freymond.

Sign of the luxury fashion house Hermès / Shutterstock

Nicolas Puech , the 82-year-old great-grandson of the founder of the Hermès brand, has held a significant stake in the company for years. After the deaths of his mother and sister, he inherited 5.7% of the company's shares, making him one of its most important shareholders.

In 2023, Puech claimed he no longer owned any shares because they had disappeared. He blamed their disappearance on his former financial advisor, Eric Freymond , who had managed his assets for over two decades.

The case went to court in Geneva, which cleared the advisor of any charges , finding that Puech had voluntarily entrusted him with the assets and had the option to terminate the agreement at any time. Although investigators determined that the management of the accounts did not constitute fraud, one crucial question remained: where are these shares ?

A few days ago, the media reported the suicide of Eric Freymond . The deceased's lawyer cited a fracture following brutal fraud accusations as the cause. Puech, despite previous legal disputes, expressed his condolences and publicly appealed for an investigation into the missing shares .

Additionally , a mysterious share sale agreement to the Qatari royal family emerged in the background – which Puech claims he only learned about from the media. Meanwhile, Axel Dumas , the CEO of Hermès, admitted that the company lacks the tools to control the fate of private shareholders' shares.

This isn't the first time Nicolas Puech has found himself at the center of controversy. When Bernard Arnault —owner of rival LVMH —began quietly buying up Hermès shares in 2010, the Hermès heirs viewed it as a hostile takeover. But Nicolas Puech defied the hype and transferred some of his shares to Arnault.