A long-standing case shrouded in shadows and uncertainty involving Hermès shares valued at around €14 billion — once held by a family member controlling the company — seems finally to be gaining some clarity.

Hermès International SCA now believes that Nicolas Puech, a fifth-generation descendant of the Hermès family, no longer owns the company’s shares, according to CEO Axel Dumas. This statement marks a new phase in a lengthy legal battle over ownership — a dispute that became even more complicated following the recent death of Puech’s former wealth advisor.

“I have long been convinced that Nicolas Puech no longer holds those shares, which is why we initiated legal proceedings,” Dumas said during the company’s financial results presentation. He also expressed doubt that the shares could be recovered, adding a dramatic twist to a mystery that has captivated the elite circles of French business.

This case is closely linked to one of the biggest corporate dramas in France. About ten years ago, billionaire Bernard Arnault, founder of LVMH Moët Hennessy Louis Vuitton SE, revealed that he had secretly acquired a significant stake in Hermès, shocking the Dumas family. The heirs quickly united and managed to block the takeover attempt.

However, what exactly happened to Puech’s stake was never fully clarified — even after Arnault’s 2014 agreement with the family, which involved the gradual release of his shares. The issue resurfaced in 2023, when Puech accused his trusted wealth advisor Eric Freymond of mismanaging his assets, which included roughly 6 million Hermès shares. The case went to the courts in Geneva, while Freymond passed away last week in Switzerland, leaving many questions unanswered.

Dumas described Freymond’s death as “tragic” and “sad,” adding a personal note to an otherwise cold business conflict. Neither Puech’s nor Freymond’s legal representatives were available for immediate comment.

The Hermès family, numbering over 100 members, is considered one of the wealthiest families in Europe. If Puech — who lives in Switzerland — still owns the disputed shares, he remains the largest shareholder in the historic company founded in 1837, known for its iconic leather goods and luxury silk scarves.

Dumas, a sixth-generation descendant of Hermès’ founder, leads the company, continuing the family legacy. His late uncle Jean-Louis Dumas, who once steered the brand, was a first cousin of Puech — underscoring that this isn’t just a legal dispute, but also a deep internal conflict within the Hermès dynasty itself.