The Mystery of the Massive Fraud Facing the Hermès Successor and Its Impact - The Fate of the Prestigious Hermès and the Family Succession Drama

Prologue: "The 6 Million Share Void" Shakes Europe

On July 23, 2025, a train accident occurred near Saanen in the mountainous region of Bern, Switzerland. When the name of the man who died instantly was reported, the French luxury world froze. The deceased was Eric Fremont (67), the former asset manager whom Nicolas Puech (82), the fifth-generation member of the Hermès founding family, had "placed the greatest trust in his life." Puech had filed a lawsuit against Fremont, claiming that 6 million Hermès shares worth 1.45 billion euros had "vanished."

Chapter 1: The Disappearing Shares: Origins and Timeline

At the end of 2023, Puech realized that the Hermès shares that should have been held in his name were missing. Although the books still recorded a holding ratio of 5.76%, the actual securities had gone "missing" from a Swiss private bank. Puech suspected embezzlement through a "sophisticated dispersal scheme using complex derivative transactions" and accused Fremont, who had been his right-hand man for 25 years. Fremont countered, claiming he was "not involved in the management of the shares" and was reportedly preparing a countersuit for defamation.

Chapter 2: Nicolas Puech—The True Face of the "World's Quietest Billionaire"

Puech, the great-grandson of Thierry Hermès, had kept a certain distance from the family business even after it went public, leading a reclusive life at his mansion in Martigny, Valais, Switzerland. Unmarried and childless, he was a regular on Forbes' list of billionaires, with assets ranging from $2.5 billion to $16 billion until recent years. However, in July 2024, he confessed to the media that he was "no longer a billionaire," and was subsequently removed from Forbes' billionaire list.Business InsiderWikipedia

Chapter 3: The True Face and Sudden Death of "Right-Hand Man" Eric Fremont

Fremont was a renowned asset manager in Geneva's financial district and was also known for his art patronage. Since 1998, he had managed Puech's asset portfolio, handling the family's private foundations and real estate projects single-handedly. Until the "6 million share issue" surfaced, Puech praised him as "like family," but by 2023, their relationship had completely broken down. The train accident death, which occurred amid this fallout, spurred conspiracy theories, especially since Swiss police withheld details citing "privacy protection."

Chapter 4: Courtroom Battles: Geneva Defeat and the Future of the French Lawsuit

Puech's lawsuit was first submitted to the Geneva Civil Court, but the judge dismissed it in October 2024, citing "abstract claims and insufficient evidence." Meanwhile, a civil lawsuit of the same content is still pending in the Nanterre Court in France. Fremont's legal team conveyed the family's anguish, stating he "died with his honor tarnished," and considered a countersuit. Puech's representatives emphasized that "the death of the defendant does not absolve responsibility" and petitioned the Swiss prosecutor for a reinvestigation.

Chapter 5: The Invisible Flow of Money: Connection to the LVMH Acquisition Battle

"The disappearance coincides with the period of hostile takeover turmoil by LVMH from 2010 to 2014"—this is a point raised by a French economic magazine. At that time, LVMH secretly acquired up to 23% of Hermès shares using derivatives. They were later fined by regulators and released the shares. Some analyses suggest that "shares with ambiguous ownership" circulated in the market during this process, and part of Puech's shares may have been resold.The Fashion LawReuters

Chapter 6: The "Gardener's Adoption" and Restructuring of the Estate, and the Foundation's Revolt

Puech's public interest foundation, the "Isocrates Fund," established in 2013, has been advocating for independent journalism. However, at the end of 2023, Puech adopted a "gardener and factotum (51)" as an adult and expressed his intention to transfer more than half of his assets. The foundation strongly opposed this, and the mediation process in the Swiss High Court has stalled. Currently, the foundation has frozen new grants and is taking defensive measures by completely replacing its board members.ElHuffPost

Chapter 7: Why Social Media is Ablaze—The Rise of "#HermesGate"

The double shock of the accidental death and the disappearance of shares quickly spread to X (formerly Twitter), Threads, and Reddit, fueling discourse over whether it was a conspiracy or a high-end drama. Investors engaged in practical discussions such as "re-examine the form of holding shares" and "the dangers of bearer securities," while fashion influencers spread self-deprecating jokes like "Find the shares before buying a Birkin!" The hashtag "#HermesGate" ranked third in France's trends on X at its peak. This digital public opinion is paradoxically accelerating the media exposure that Puech himself had long avoided.

Chapter 8: Governance Lessons and Financial Risks

The biggest weakness exposed by this incident is the institutional fragility of "bearer shares stored offline." The Swiss banking industry has attracted wealthy individuals from around the world by leveraging client confidentiality, but at the same time, the transparency of asset tracking has often been neglected. The Puech case can be seen as a litmus test forcing a redesign of the balance between "trust and oversight" in family businesses.The Wall Street Journal

Epilogue: Three Focus Points—The Conclusion Remains Unclear

1. Judicial Outcome: As the French lawsuit progresses, there may be challenges regarding international asset freeze requests and the scope of inheritance law.

2. Authenticity of Shares: How to trace the complex settlement network during the LVMH turmoil period. The cooperative stance of the Swiss financial authorities will be key.

3. Social Media Public Opinion: The impact of online information on real lawsuits is unknown, but it directly affects the reputation of luxury brands.

Puech expressed his intention to lay flowers at the accident site, stating, "I will mourn both the fate of the shares and the death of a friend." However, with over 600 million euros in tax adjustments looming, time is not on his side. The "phantom of the shares" that floated away with Hermès' orange ribbon has yet to return to anyone's hands.tdg.ch

Powered by Froala Editor