Hermès Believes Heir No Longer Holds Stock Worth €14 Billion

An Hermès luxury boutique in Paris. — An Hermès luxury boutique in Paris.
Photographer: Benjamin Girette/Bloomberg

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By Angelina Rascouet, Tara Patel, and Hugo Miller

July 30, 2025 at 10:31 AM UTC

Updated on

July 30, 2025 at 3:20 PM UTC

The enigma surrounding Hermès shares worth about €14 billion ($16.2 billion) inherited by a member of the luxury goods company’s controlling family is finally seeing some glimmers of light.

Hermès International SCA believes the family member, Nicolas Puech, hasn’t had the shares in the Birkin bag maker for a while, Executive Chairman Axel Dumas said Wednesday, adding that he doesn’t think the holding can ever be recovered.