爱马仕家族最大个人股东出局，140亿欧元没了说法

Core Viewpoint - The luxury goods group Hermès, valued at €210 billion, is embroiled in a shareholding controversy following the confirmation that Nicolas Puech, the former largest individual shareholder from the family, no longer holds any shares in the company [1][2]. Group 1: Shareholding Changes - CEO Axel Dumas confirmed that the company was aware of Nicolas Puech's divestment from shares, which prompted legal actions, although he expressed doubt about recovering those shares [3]. - Nicolas Puech previously held approximately 6 million shares, valued at around €14 billion [4]. - The news marks the end of a long-standing shareholding dispute but leaves many questions unanswered [5]. Group 2: Historical Context - The controversy traces back to 2010 when LVMH's chairman Bernard Arnault acquired over 20% of Hermès shares through complex financial maneuvers, leading to a legal battle between the two luxury groups [6]. - Nicolas Puech was implicated as a key figure in assisting Arnault by transferring shares to LVMH for stock swap transactions [7]. - In 2014, LVMH was penalized for failing to disclose its shareholding and was ordered to distribute its Hermès shares to shareholders, concluding a four-year conflict [8]. Group 3: Current Legal Issues - Nicolas Puech has initiated lawsuits against his financial advisor Eric Freymond, alleging mismanagement and fraud regarding his Hermès shares, which he claims have "disappeared" [13]. - A Swiss court ruled that Puech voluntarily entrusted his affairs to Freymond and failed to prove any deception, indicating that some shares were likely sold during that period [14]. - Following the court ruling, Freymond passed away, ending a 24-year partnership with Puech [15]. Group 4: Family Control and Market Implications - The Hermès family, with over 100 members, has historically maintained control through a holding company, H51, which concentrated over 50% of shares and established a 20-year joint holding agreement to prevent hostile takeovers [8]. - Puech's exit from the shareholding structure may weaken the family's control over Hermès, raising concerns about corporate governance stability [16]. Group 5: Financial Performance - Hermès reported a revenue of €3.91 billion for the second quarter, reflecting a 9% year-on-year growth at constant exchange rates, although actual growth slowed to 5.6% [18]. - The company's market value reached €248.6 billion earlier this year, surpassing LVMH, but has since dropped back to approximately €219 billion following recent financial reports [19][20].