In a striking legal turn, Nicolas Puech, heir to the Hermès luxury fortune, claims his substantial wealth has all but disappeared. A Swiss court’s recent ruling dismissed his allegations against Eric Freymond, his former wealth manager. Puech’s case centered on the claim that Freymond mismanaged approximately €12 billion (around $13 billion) worth of shares in Hermès International SCA, a stake that would make him a principal investor in the luxury powerhouse known for its iconic Birkin bags.

The appeals court in Geneva concluded that there was no evidence of negligence on Freymond’s part. Over two decades, Puech transferred six million shares to be managed by Freymond, who executed several transactions—though details remain murky. The court indicated that Puech’s assertions lacked solid backing and were insufficiently clear.

Furthermore, the ruling reflected on Puech’s decision to relinquish control over his financial affairs. Puech made significant profits through share sales, raising questions about the validity of his claims. As the situation stands, Puech’s future with his Hermès stake is uncertain, muddied by a complex history that intertwines family dynamics and failed maneuvers against luxury titan Bernard Arnault.

The implications extend beyond Puech, casting a shadow on Hermès itself and emphasizing the intense scrutiny luxury heirs face. As the wealth of iconic brands shifts, the responsibilities of those managing these fortunes—and their successors—will likely gain even more attention. The luxury sector is not only about opulence but also about how wealth is perceived, managed, and inherited.