A court filing has revealed a secret 2002 agreement between LVMH and Hermès heir Nicolas Puech. LVMH paid Puech’s wealth manager over $20 million in fees to arrange the share purchase.
Puech alleges in a lawsuit that he was swindled out of his 6% Hermès stake. The missing equity stake is currently valued in the billions of dollars. Puech claims his late wealth manager orchestrated schemes to steal the shares.
LVMH denied any attempt to acquire the stake against Puech’s will in the filing. The luxury group stated it never contemplated such an acquisition. This disclosure contradicts previous public denials regarding LVMH's long-standing interest in Hermès shares.