Nicolas Puech, heir of French luxury fashion house Hermes, has made headlines recently after reports revealed that he is planning to adopt his former gardener and leave a considerable portion of his assets to him.
Puech's 51-year-old gardener and handyman of Moroccan origin remains unidentified and is believed to be married to a Spanish woman, according to Swiss publication Tribune de Genève. They have two children. If the succession is realised, the gardener will get some €40 million a year in dividends alone.
What is Nicolas Puech's net worth?
Nicolas Puech, 80, is the grandson of Hermes founder Thierry Hermes and a fifth-generation heir to the French fashion house. His wealth is estimated to be around 5.7 per cent of €204 billion worth company which has an annual profit of €11.6 billion.
Puech's net worth is said to be in the range of €9.5 billion and €10.6 billion. He has already entrusted the keys to his properties in Montreux, Switzerland, and Marrakesh, Morocco, to the gardener. The combined value of both the estates amounts to €5.5 million, reported Italian publication Sky TG24.
What led to Puech's unconventional decision?
First of all, Puech is unmarried and has no children. He left Hermes supervisory board in 2014 after the company's rival LVMH attempted a hostile takeover.
Further he is not in good terms with family members who set up a holding firm to resist LVMH takeover. This might have led Puech to choose someone outside his close circle as his heir.
Adoption laws, succession deals among barriers
However, it won't be easy for Puech to adopt his 51-year-old gardener as the latter is an adult. As per Swiss adoption laws, Puech can adopt another adult only if they have lived together for at least one year when the latter was still a minor.
On top of this, Puech's latest decision could trigger a legal challenge as he had signed a succession deal with Geneva-based Isocrates Foundation in 2011 to earmark his wealth to them after he dies.