Published by Global Banking & Finance Review®
Posted on December 2, 2025
4 min readLast updated: January 20, 2026
Nicolas Puech sues Bernard Arnault and LVMH over missing Hermes shares worth billions, alleging unauthorized transfer and breach of trust.
By Tassilo Hummel and Juliette Jabkhiro
PARIS, Dec 2 (Reuters) - Hermes heir Nicolas Puech has sued Bernard Arnault and his LVMH luxury conglomerate, among other parties, in a civil case related to Puech's claim that he was deprived of Hermes shares now worth billions of euros, according to a filing of his lawsuit reviewed by Reuters.
The lawsuit marks the first known legal challenge by Puech, 82, against Arnault and LVMH , and comes more than a decade after LVMH stunned France's business establishment by quietly amassing a 23% stake in Hermes, triggering one of the most bitter corporate battles in French stock market history.
Puech says his Hermes shares changed hands without his knowledge years ago. Reuters could not verify when, or at what price, the shares were sold.
The 82-year-old heir, a great-grandson of Thierry Hermes, who founded the luxury group in 1837, declined to comment through a spokesperson. His French lawyer Frederic Menges declined to comment, citing ongoing proceedings.
The civil lawsuit, lodged at the Paris judicial court on May 15, puts the estimated value of 6 million Hermes shares once belonging to Puech at around 14 billion euros ($16.26 billion) in today's money, according to excerpts from the document, which has not been made public.
The first hearing in the civil case took place on November 20, Liberation newspaper first reported.
Reuters is disclosing for the first time Puech's legal demands and the full list of named defendants in the lawsuit.
Arnault and LVMH did not respond to multiple Reuters requests for comment made through their lawyers and representatives.
SEPARATE CRIMINAL CASE ALLEGES BREACH OF TRUST
The civil lawsuit states that Puech seeks to reserve the right to claim damages for the value of 6 million Hermes shares from "whoever may be found guilty of criminal charges" in a separate criminal investigation over the alleged disappearance of his fortune, excerpts of the document reviewed by Reuters show.
In the criminal complaint filed in early 2024, Puech alleges breach of trust and misappropriation of his assets by his now-deceased former wealth manager Eric Freymond, according to French magazine L'Express.
The Paris public prosecutor's office confirmed to Reuters that a criminal investigation was pending into Puech's case, adding that so far, only Freymond had been placed under formal investigation. Arnault and his companies have not been placed under formal investigation, it added.
In France, civil lawsuits, such as the one Puech filed in May, are often brought by individuals who claim to be victims of a crime to seek financial damages alongside criminal proceedings. This parallel process is common because civil courts handle compensation, while criminal courts determine guilt. Filing a civil case does not imply wrongdoing under French law.
The civil lawsuit names Arnault's family holding companies Agache and Financiere Agache, as well as Freymond, who died in Switzerland in July, and two Swiss companies formerly affiliated to the wealth manager, Semper SA and Phidias Gestion.
The two Arnault family holding companies did not respond to requests for comment.
Semper, Phidias Gestion and their lawyers did not respond to requests for comment.
LEGAL BATTLE WITH LATE WEALTH MANAGER
Puech was once among Hermes' largest individual shareholders but opted out of a family holding structure created in 2011 to fend off hostile takeovers. Puech claimed in a rare interview with L'Express he had no knowledge that Freymond was moving Hermes shares in his name, allegedly for Arnault's benefit.
Arnault has always denied allegations he was preparing a takeover of Hermes, one of the world's most valuable luxury brands and a direct rival to LVMH's top brand Louis Vuitton.
France's market watchdog AMF in 2013 fined LVMH 8 million euros for failing to properly disclose its stake-building in Hermes. LVMH at the time dismissed the fine and the principle of the punishment as "unfounded".
Puech's Swiss lawyers Gregoire Mangeat and Fanny Margairaz said they could not comment on the proceedings in France specifically. "We are in the process of establishing the facts, uncovering all cases of fraudulent misappropriation and tracking down each and every wrongdoer," they added in a statement.
Criminal probes in France often take years. Under French criminal law, innocence is presumed until any guilty verdict is handed down.
($1 = 0.8609 euros)
(Reporting by Tassilo Hummel and Juliette Jabkhiro, Editing by Richard Lough, Lisa Jucca and Louise Heavens)
Corporate governance refers to the systems, principles, and processes by which companies are directed and controlled, ensuring accountability and transparency in their operations.
A breach of trust occurs when a trustee fails to act in the best interest of the beneficiaries, violating the fiduciary duties owed to them.
A wealth manager is a financial advisor who provides personalized investment advice and financial planning services to high-net-worth individuals.
The value of shares represents the price at which a company's stock is traded in the market, influenced by factors such as company performance and market conditions.
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