Nicolas Puech, the billionaire grandson of Hermès founder Thierry Hermès, is reportedly orchestrating an extraordinary succession plan that involves adopting his 51-year-old former gardener. The unexpected twist, as Puech, worth between 9 billion and 10 billion Swiss francs (between $10.3 billion and $11.4 billion), navigates an audacious legal process to pass on a significant portion of his wealth.
In a report by Swiss publication Tribune de Genève, Puech, a fifth-generation heir to the iconic luxury fashion house, is taking steps to legally make his "former gardener and handyman" from a "modest Moroccan family" his legal child.
The move comes as part of a broader effort by Puech to reshape the beneficiaries of his substantial estate, estimated at around 5% or 6% ownership of the $220 billion-valued Hermès.
The unnamed gardener, married to a Spanish woman with two children, stands to inherit a significant share of 80-year-old Puech's wealth, as reported by Tribune de Genève.
Peuch has already handed over keys to properties in Marrakesh, Morocco, and Montreux, Switzerland to his gardener, worth a combined total of €5.5 million ($5.9 million), according to Italian outlet Sky TG24.
Puech's history with Hermès reveals underlying tensions, particularly his departure from the company's supervisory board in 2014 after a hostile takeover attempt by fashion rival LVMH.
The feud with family members, who set up a holding company to resist the takeover, appears to have influenced Puech's unconventional choice of heir.
This decision by Puech forms part of the broader trend of billionaires planning to transfer $5.2 trillion of wealth in the coming decades, as highlighted in a UBS study. While many opt for conventional paths, passing wealth to offspring or philanthropic causes, Puech stands out by choosing someone from outside his immediate circle.
However, Puech faces challenges in realizing his unconventional plan. Adult adoptions, particularly in Switzerland where he resides, are rare and subject to complex requirements. According to ch.ch, an adult can adopt another adult if they lived together for at least a year when the adoptee was still a minor.
Additionally, Puech's philanthropic commitment to the Isocrates foundation, dedicated to combating misinformation, adds a layer of complexity. The foundation's secretary general, Nicolas Borsinger, deems Puech's plan a "sudden and unilateral annulment of a succession agreement," potentially sparking a legal battle.
Peuch is unmarried and has no children. He is among the richest people in Switzerland.
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