Nicolas Puech, the billionaire grandson of Hermès founder Thierry Hermès, is making headlines with an unusual succession plan.
What is your succession plan?
Agencies
The plan consists of adopting his former gardener, 51, while trying to pass on a substantial part of his wealth, estimated between 9,000 and 10,000 million Swiss francs (between 10,300 and 11,400 million dollars).
The process is drawing attention for its bold legal maneuvers.
Why do you want to adopt the gardener?
According to the Swiss publication Tribune de Genève, Nicolas Puech, fifth-generation heir to the renowned luxury fashion house Hermès, is going through legal processes to formally adopt his “former gardener and handyman.”
The individual in question comes from a “modest Moroccan family,” adding a unique and unexpected twist to the unfolding succession saga.
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- What is your succession plan?
- Why do you want to adopt the gardener?
- Who is the gardener?
- How complicated are the adult adoption rules in Switzerland?
Who is the gardener?
In a strategic move to redefine the beneficiaries of his significant estate, which is estimated to include 5% or 6% of Hermès ownership, valued at $220 billion, billionaire Nicolas Puech is undertaking an unconventional succession plan .
The target of this plan is his former gardener, an anonymous individual from a modest Moroccan family, whom Puech is in the process of legally adopting.
According to the Tribune de Genève, the gardener, married with two children, is about to inherit a significant part of Puech’s wealth. Puech has already transferred ownership of properties in Marrakech, Morocco, and Montreux, Switzerland, valued at a combined €5.5 million ($5.9 million), to his gardener.
The backstory involves Puech’s history with Hermès, marked by tensions and his departure from the company’s supervisory board in 2014 after a hostile takeover attempt by fashion rival LVMH.
The dispute with family members who resisted the acquisition appears to have influenced Puech’s unconventional choice of heir.
This decision aligns with a broader trend identified in a UBS study, which projects that billionaires will transfer $5.2 trillion of wealth in the coming decades.
While many choose conventional paths like passing wealth into family or philanthropy, Puech’s choice of someone outside his immediate circle stands out.
How complicated are the adult adoption rules in Switzerland?
However, implementing this unique plan presents challenges.
Adult adoptions, especially in Switzerland, where Puech resides, are rare and subject to complex requirements. According to the ch.ch, adult adoption is permitted if the adoptee and the adopter lived together for at least one year when the adoptee was still a minor.
Adding complexity is Puech’s commitment to the Isócrates Foundation, which is dedicated to combating misinformation.
The general secretary of the foundation considers Puech’s plan a “sudden and unilateral annulment of a succession agreement”, which could lead to legal complications.
unpack
Puech, single and childless, is among the richest people in Switzerland. His decision to adopt his former gardener as heir to his fortune marks a departure from traditional wealth transfer strategies.
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Source: vtt.edu.vn