I like her take on these shades @danielledanielle . Will you pick it up? Sometimes purples are tricky on my eyelids so I have to resist this one sadly! And luckily! ๐
Itโs a bummer @danielledanielle but money saved I guess. Iโm too dumb to know, but youโd think someone could come up with ingredients that would work well for folks like us?! I canโt imagine weโre alone!
I saw a trending search for it, but didn't read it... But then I tried reading up on it Monday and I'm confused..๐คฃ๐คท๐ฝโโ๏ธ. I think I was hoping for more shady mess like the gentleman that was a heir to LVMH but left everything to the gardener type of shade @greeneyedgirl107
Ooh I heard of that one. It is wild @danielledanielle โฆ Iโm gonna start doing gardening today ๐ maybe one day sign up for gardening job ๐คฃ๐
$13 billion an Hermรจs heir wanted to leave to his gardener has seemingly vanished By Eleanor Pringle Senior Reporter, Economics and Markets July 31, 2024, 6:54 AM ET
Shares in French luxury design house Hermรจs made up the bulk of the fortune of Nicolas Puech.
The heir to a luxury fashion fortune who previously promised his billions to a gardener now fears he has little left in the bank.
Nicolas Puech was valued by Forbes in 2024 at $13.6 billion, owing to the 81-year-oldโs stake in the Parisian fashion house founded by his ancestor Thierry Hermรจs.
Five generations later and the eponymous brand best known for its Birkin and Kelly bags is Franceโs second-most-valuable company with its market capitalization reaching โฌ230 billion ($248 billion).
As a result, Puechโs wealth soared from $3.1 billion in 2020 to more than quadruple the figure four years later, and last year the Frenchman shocked the world by saying he planned to pass on half of that fortune to his gardener.
In December 2023, the Swiss newspaper Tribune de Genรจve reported that Puech was in the process of adopting his Moroccan gardener and handyman as his legal child and was rearranging the beneficiaries of his estate.
Yet it seems the billions Puech had promised to his would-be heir may no longer be his to bequeath.
In a court case which concluded this month, Puech said he no longer owns the assets in question: $13 billionโs worth of shares in Hermรจs International SCA.
Puech claimed he has no idea where the assets have vanished to and his former wealth manager, Eric Freymond, was to blame.
The heir said the bulk of his wealth came from Hermรจs stocks but, according to Bloomberg, he didnโt realize he no longer owned the shares. Thatโs because the running of his accounts had been handed to Freymond, with the wealth manager receiving all of Puechโs bank statements.
However, an appeals court in Geneva threw out this claim, Bloomberg reports, saying there was no evidence Freymond had hoodwinked his reclusive client over the two decades they worked together.
The court added that Puech signed numerous blank documents over to Freymond and willingly gave him control of his accounts, per Bloomberg.
But it seems the battle isnโt over yet. Grรฉgoire Mangeat and Fanny Margairaz, Puechโs newly appointed lawyers, told Fortune they were โin the process of studying the criminal file in detail.โ
They added they had nothing further to comment at this stage.
In a damning rebuttal to the case, Bloomberg reported, the court found the โโgigantic fraudโ to which [Puech] was victim was undetectable to common mortals.โ
Stephane Grodecki, who represented Freymond, told Fortune: โMy client is shocked by the accusation of his former client.โ
Grodecki added his client โnever handledโ the historic Hermรจs stock and continued: โMy client will now examine all his legal possibility to defend his honor.โ
They told media outlets they were satisfied with the outcome which included โharsh wordsโ for the plaintiff.
Puechโs foundation Further discord relating to Puechโs fortune is the philanthropic foundation he set up in 2011.
Puechโwho is a resident of the Alpine Swiss retreat of Valaisโlaunched the Isocrates Foundation to support public interest journalism and media organizations.
But late last year the foundation said it had โlearned of its founderโs wish to cancel the contract of inheritance binding him to the foundation.โ
It said the foundation was legally bound to Puech through a โcontract of inheritanceโ signed in September 2011.
โFrom a legal point of view, a unilateral cancellation of the contract of inheritance seems void and unfounded,โ the foundation added in December 2023. โThe foundation has therefore opposed the cancellation of the contract, while leaving the door open for discussions with its founder.โ
The statement said it does not wish to โjudge or commentโ on Puechโs plan to adopt his employee, and โcontinues to favor dialogue with its founder.โ
About the Author Eleanor Pringle By Eleanor Pringle Senior Reporter, Economics and Markets Eleanor Pringle is an award-winning senior reporter at Fortune covering news, the economy, and personal finance. Eleanor previously worked as a business correspondent and news editor in regional news in the U.K. She completed her journalism training with the Press Association after earning a degree from the University of East Anglia.
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20% off sitewide sale is still going on through Nov 30th. Comp Eyewear stick in Caramel or Oyster with $100 purchase. (FYI , Nordstrom often will meet direct site promo events. ๐ค)
Swatch of the new Cocoa Pavรฉ. Iโm sure it can be duped by blending cocoa with other shimmers too butโs an easy one and done and nicely neutral with the shimmer factor. Very pretty and the sparkles are not overdone imo and Iโm fussy about them. ๐
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