The Billionaire Gardener: How Nicolas Puech Plans To Leave His Hermès Fortune To His Adopted Son
Nicolas Puech is not your typical billionaire. The 80-year-old descendant of the fifth generation and first shareholder of Hermès, one of the world’s most prestigious fashion houses, lives a simple and discreet life in his Parisian apartment, surrounded by books, art, and plants. He has no interest in flashy cars, yachts, or jets. He prefers to spend his time gardening, reading, and traveling.
But Puech has a surprising and unconventional plan for his legacy. He wants to adopt his 51-year-old gardener, who has been working for him for 15 years, as his heir. The gardener, whose identity has not been revealed, comes from a modest Moroccan family and has no relation to Puech. Puech says he considers him as his son and wants to share his wealth and values with him.
Puech’s wealth is estimated at about $8.5 billion, according to the Bloomberg Billionaires Index. He owns 5.7% of Hermès shares, which have soared in value in recent years, thanks to the strong demand for the brand’s iconic products, such as the Birkin bag, the silk scarf, and the perfume. Hermès, founded in 1837 as a harness maker, is now a global leader in luxury, with more than 300 stores in 50 countries and a market capitalization of over $140 billion.
Puech, who was a member of the board of directors of Hermès until 2014, has always been a staunch defender of the family’s control and independence. He played a key role in fending off the hostile takeover attempt by rival LVMH in 2010, by creating a holding company that grouped the family’s shares and prevented their sale for 20 years. He also supported the appointment of his nephew Axel Dumas as the CEO of Hermès in 2013.
But Puech has no children and is single. He signed a succession pact in 2011 with a foundation called Isocrates, which promotes social justice and education. According to the pact, Puech agreed to donate part of his fortune to the foundation after his death, in exchange for a tax exemption. The pact also stipulated that Puech could not sell or transfer his shares without the consent of the foundation.
However, Puech’s plan to adopt his gardener has sparked controversy and legal challenges. Some critics accuse him of trying to avoid paying taxes or fulfilling his obligations to the foundation. Others question his motives and his mental capacity. The foundation has filed a lawsuit against Puech, claiming that he breached the pact and asking the court to annul his adoption project. The case is still pending.
Puech, who rarely speaks to the media, has defended his decision and denied any wrongdoing. He says he will respect the pact with Isocrates and donate part of his fortune to the foundation. He also says he has the support of his family and the Hermès management. He argues that his adoption project is a personal and emotional choice, not a financial or strategic one. He says he wants to give his gardener a better life and a sense of belonging.
Puech’s story is a remarkable and unconventional example of how a billionaire can use his wealth and influence to shape his legacy. It also raises questions about the role and responsibility of the wealthy in society, the ethics and legality of adoption, and the future of family businesses. Puech’s case is not the first of its kind, nor will it be the last. But it is certainly one of the most intriguing and controversial ones.
