Hermès Heir Plans To Adopt His Gardener And Pass On $11 Billion Fortune To Him: Report

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Hermès Heir Plans To Adopt His Gardener And Pass On $11 Billion Fortune To Him: Report

Nicolas Puech, the billionaire grandson of Hermès founder Thierry Hermès, is making headlines with an unusual succession plan.

What is his succesion plan?


Agencies

The plan involves adopting his 51-year-old former gardener as he seeks to pass on a substantial portion of his wealth, estimated to be between 9 billion and 10 billion Swiss francs (between $10.3 billion and $11.4 billion). 

The process is attracting attention for its audacious legal maneuvers.

Why does he want to adopt the gardener?

Nicolas Puech, the fifth-generation heir to the renowned luxury fashion house Hermès, is reportedly going through legal processes to formally adopt his “former gardener and handyman,” according to the Swiss publication Tribune de Genève.

The individual in question hails from a “modest Moroccan family,” adding a unique and unexpected twist to the unfolding succession saga.

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Who is the gardener? 

In a strategic move to redefine the beneficiaries of his substantial estate, estimated to include 5% or 6% ownership of the $220 billion-valued Hermès, billionaire Nicolas Puech is undertaking an unconventional succession plan. 

The focus of this plan is his former gardener, an unnamed individual from a modest Moroccan family, whom Puech is in the process of legally adopting.

According to reports from the Tribune de Genève, the gardener, married with two children, is poised to inherit a significant share of Puech’s wealth. Already, Puech has transferred ownership of properties in Marrakesh, Morocco, and Montreux, Switzerland, valued at a combined total of €5.5 million ($5.9 million), to his gardener.

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The backstory involves Puech’s history with Hermès, marked by tensions and 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 resisted the takeover seems to have influenced Puech’s unconventional choice of heir.

This decision aligns with a broader trend identified in a UBS study, projecting billionaires transferring $5.2 trillion of wealth in the coming decades. 

While many choose conventional paths like passing wealth to family or philanthropy, Puech’s choice of someone outside his immediate circle stands out.

How complicated are the adult adoption rules in Switzerland?

However, implementing this unique plan presents challenges. 

Adult adoptions, especially in Switzerland, where Puech resides, are rare and subject to complex requirements. According to ch.ch, adult adoption is permissible if the adoptee and adopter lived together for at least a year when the adoptee was still a minor.

Adding complexity is Puech’s commitment to the Isocrates Foundation, which is dedicated to combating misinformation.

The foundation’s secretary general views Puech’s plan as a “sudden and unilateral annulment of a succession agreement,” potentially leading to legal complications.

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Puech, unmarried and childless, stands among the wealthiest individuals in Switzerland. His choice to adopt his former gardener as the heir to his fortune is a departure from traditional wealth transfer strategies.

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Source: condotel.edu.vn

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