The charitable foundation is contesting Puech’s plan to cut ties, which it says it learned of only recently. The inheritance contract between the foundation and Puech, who isn’t known to have children, reportedly provides for his shares in Hermes to be left to the foundation. Puech purportedly owns 5.7% of Hermes, a company known for its silk scarves and leather handbags. A post-pandemic boom in demand for luxury goods has propelled Hermes to a valuation of nearly €211 billion ($230.8 billion). The Hermes family is the world’s third wealthiest, according to an annual Bloomberg ranking published earlier this month.

Source: CNN December 20, 2023 20:33 UTC