ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / NEWS

Hermès Scion Stirs Speculation by Choosing Gardener as Primary Heir

The adoption process, however, faces uncertainty due to legal requirements...
UPDATED FEB 8, 2024
Cover Image Source: Hermes store in the Canalejas Galleries in Madrid, Spain. | Photo by Cristina Arias/Cover | Getty Images
Cover Image Source: Hermes store in the Canalejas Galleries in Madrid, Spain. | Photo by Cristina Arias/Cover | Getty Images

Nicolas Puech, an 80-year-old scion from the esteemed Hermès dynasty, is causing a stir with his unexpected plan to officially adopt his middle-aged gardener as his heir. As the fifth-generation descendant of Thierry Hermès, the visionary founder of the iconic luxury fashion house established in 1837, Puech's decision to adopt his 51-year-old former gardener came as a surprise to many.

Image Source: Instagram | puech_nicolas6
Image Source: Instagram | @puech_nicolas6

Unmarried and without children, Puech has announced his intention to legally adopt his "former gardener and handyman," a member of a modest Moroccan family, as his rightful heir. This unconventional decision, involving the transfer of substantial wealth and real estate holdings to his gardener, has become a topic of widespread speculation, capturing the attention of the public and the media alike. Supported by a legal team, Puech has initiated legal proceedings to formalize the adoption of his 51-year-old gardener, who hails from Marrakesh.

While specific personal details about the to-be heir are limited, it is known that he is married to a woman from Spain and has two children. The adoption process, however, faces uncertainty due to legal requirements mandating proof of a childhood bond between Puech and the intended adoptee. The outcome remains unclear, raising questions about whether the court will approve the adoption.



 

Puech, the founder of the Isocrates Foundation, is, however, entangled in a legal battle to cancel a contract that would designate the foundation as the recipient of his fortune upon his passing. Established by him in 2011, the foundation is contesting his decision to sever ties, asserting that the cancellation of the inheritance contract lacks legal basis.

The charity defers to relevant authorities to decide on this matter, maintaining a neutral stance on Puech's unconventional succession plan. The Isocrates Foundation, with its mission to support public interest journalism and civil society organizations contributing to a "healthy digital public space," faces potential disruption to its intended role as a beneficiary. The inheritance contract between Puech and the foundation stipulates that his shares in Hermès, amounting to 5.7%, are to be left to the foundation.

However, a unique clause allows for an exception if Puech were to become a father, in which case his child would be entitled to a share of the inheritance, particularly at least 50% in the case of a son. Hermès' current valuation stands at nearly €211 billion ($230.8 billion), rendering Puech's stake approximately worth €12 billion ($12.9 billion). The Hermès family ranks as the third wealthiest globally, which further elevates the significance of the ongoing legal dispute and the intricate dynamics within this affluent family.


 
 
 
 
 
View this post on Instagram
 
 
 
 
 
 
 
 
 
 
 

A post shared by Hermès (@hermes)


 

Implementing an extraordinary plan requires careful navigation of legal obstacles associated with adult adoption – a task complicated by the rarity of such occurrences in Switzerland. In a society where familial ties often dictate the course of legacies, Puech's decision challenges established norms, leaving us to wonder whether this unconventional tale will inspire a shift in the way we perceive inheritance and legacy in this world.

MORE ON MARKET REALIST
Dwyane 'the Rock' Johnson said that his friend's actions changed the course of his life.
4 hours ago
The Texas inventor pitched a generator named after him on the third season of Shark Tank.
20 hours ago
Despite putting the contestant in an awkward position the host did get the audience to laugh.
1 day ago
Although fans have admired his energy on the episode for years, Paul revealed why he wasn't too happy.
1 day ago
It took more than a decade and an amazing invention for Les Cookson to secure a deal on Shark Tank.
1 day ago
The contestant was also defended by some who said they would've made the same mistake.
2 days ago
While the item received a record-breaking appraisal, a flaw prevented its value from going higher.
2 days ago
She has starred in classic films such as "Sixteen Candles", "The Lost Boys", and "Twister".
2 days ago
What is Judy Sheindlin’s salary per episode? Here’s what we know about the TV judge and her new IMDb TV show, ‘Judy Justice.’
3 days ago
Sajak was criticized by fans on the internet but the contestant clarified that it was just for fun.
3 days ago
Danielle Perez had gone viral after talking about the awkward moment on "The Price is Right" on social media.
4 days ago
The singer also got Malone's number but is only focusing on sharing his work with him for now.
4 days ago
The incident did not bring down the woman's excitement as she kept jumping on stage.
4 days ago
The guest had no idea whose face was engraved on the top of the box and how much it cost.
5 days ago
The young entrepreneur saw a common problem kids his age faced and came up with an invention.
5 days ago
It was a gift from the father of his first client to whom he had sold a condo.
5 days ago
The singer wanted to celebrate his journey by sending fans to the place linked to his early days.
5 days ago
Wait till you hear the list of weird prizes that 'Price is Right' gave in the '50s.
6 days ago
The bottled water from the popular retailer has nanoplastic particles more than the firm's limits.
6 days ago
Most of the sharks had concerns about water pressure even though the product impressed them.
6 days ago