LVMH documents reveal 2002 pact to buy Hermès heir’s shares

Legal documents reveal that LVMH signed a 2002 agreement to purchase shares from Hermès heir Nicolas Puech, contradicting recent claims by the luxury giant that it never intended to acquire his stake.

According to court filings reviewed by Reuters, the 2002 pact was crafted with Puech’s late financial advisor, Eric Freymond. Records also show that LVMH and the holding company of its chairman’s family paid Freymond’s management firm at least $20 million in commissions and fees between 2001 and 2009. During this period, Freymond assisted LVMH in secretly building a significant stake in Hermès.

Puech alleges that his approximately 6% stake in Hermès—valued at roughly $10 billion at current prices—disappeared in 2022 after he severed ties with Freymond. He has filed a lawsuit seeking €14 billion in damages, while French prosecutors are conducting a separate investigation into whether the shares were misappropriated. This development adds a new layer to the long-standing rivalry between LVMH and Hermès, which includes a 2010 attempt by LVMH to acquire a controlling interest in the company.