Former Hermès heir sues LVMH, Arnault over alleged $16B share sale

A former Hermès heir has filed a lawsuit against luxury conglomerate LVMH and its billionaire founder Bernard Arnault, alleging that his stake in the French luxury house was sold without his knowledge more than a decade ago, a claim that could involve shares now valued at more than $16 billion.

According to a report by Forbes, Nicolas Puech, an 82-year-old descendant of the Hermès founding family, is suing LVMH, Arnault, his former wealth manager Eric Freymond, and holding companies linked to them. The lawsuit alleges that Freymond secretly moved and sold Puech’s roughly six million Hermès shares during the period when LVMH was quietly building a stake in the luxury goods maker.

Reuters and Bloomberg, citing the lawsuit, reported that the disputed Hermès shares are valued at about 14 billion euros, or approximately $16.3 billion. The complaint itself has not been made public.

Puech claims he was unaware that his shares had been transferred or disposed of, and only later discovered that his holdings had effectively vanished. Freymond, who managed Puech’s wealth for years, died in July after being struck by a train in Switzerland.

A criminal investigation into the matter remains ongoing in France, though prosecutors have said that Freymond is currently the only individual under formal investigation, Reuters reported, citing the Paris prosecutor’s office.

LVMH did not respond to a request for comment from Forbes, but told Reuters that it “never, at any time, misappropriated shares of Hermès International” and denied allegations that it held any hidden Hermès shares. The company said the claims contradict established facts from earlier disputes.

The case revives scrutiny of a long-running rivalry between LVMH and Hermès. In 2010, Arnault revealed that LVMH had quietly accumulated a 23% stake in Hermès, one of its most prominent competitors. The move triggered a legal and corporate standoff that ended in 2014, when Arnault agreed to distribute most of LVMH’s Hermès shares to shareholders. However, Arnault’s holding company retained an estimated 8.5% stake in Hermès.

Arnault built LVMH into the world’s largest luxury group through a decades-long acquisition strategy, adding brands such as Sephora in 1997 and Tiffany & Co. in 2021 for $15.8 billion.

According to Forbes, Arnault’s net worth is estimated at $188.6 billion, making him the world’s seventh-wealthiest individual as of this week. Puech, once a billionaire himself due to his Hermès holdings, dropped off the Forbes Billionaires List in 2025 amid his legal disputes with Freymond.

Puech previously drew public attention in 2023 after announcing plans to adopt his middle-aged gardener and leave him a portion of his fortune, a move that further complicated his financial and legal affairs.