This expensive fashion brand was founded in 1837 by Thierry Hermes, whose son Nicolas Puech is the fifth-generation heir.
The 51-year-old gardener, the billionaire grandson of Hermes founder Thierry Hermes, is to be adopted and inherit a fortune worth $11 billion, according to reports. Nicolas Puech, 80, is in the process of obtaining legal child status for his “former gardener and assistant,” according to Swiss daily Tribune de GenèveFortune. It is noteworthy that Mr. Puech is the fifth generation heir of Thierry Hermès; Thierry Hermes founded the expensive fashion brand in 1837. With an estimated net worth between 9 billion and 100 billion Swiss francs or $10.3 billion and $11.4 billion, he is single, childless and owns between 5% and 6% of the business.
The 80-year-old man is currently transferring his property to his former gardener. He is said to have retained legal counsel to guide him through the process. Additionally, he is currently reorganizing the beneficiaries of his estate.
The unnamed gardener, who has two children and is married to a Spanish woman, will now inherit a large portion of Mr. Puech’s estate. According to Italian publication Sky TG24, the 80-year-old reportedly gave the man the keys to a $5.9 million property in Marrakesh, Morocco, and a villa in Montreux, Switzerland.
Fortune claims the action is part of Mr Puech’s larger plan to reorganize the beneficiaries of his huge fortune, which is believed to be worth between $5 and 6% of the $220 billion Hermes.
In 2014 Mr Puech resigned from the company’s supervisory board under difficult circumstances following the secret acquisition of 23% of Hermès as part of a hostile takeover bid by fashion rival LVMH. Mr. Puech retained his interest while other members of his family used their shares to create a holding company to prevent a takeover by LVMH. It seems that Mr. Puech’s unusual choice of successor was motivated by his conflicts with family members.
But implementing Mr. Puech’s plan is not without difficulties. Adult adoption is unusual and involves complex rules, especially in Switzerland where he currently lives. If an adult has been living with another adult while the adoptee is still a minor for at least one year, the adult may adopt another adult.
