KUALA LUMPUR, Dec 20 — French fashion giant Hermes' billionaire heir, Nicolas Puech, appears to be a staunch believer that charity must begin at home.
Puech, 80, has reportedly begun administrative procedures to adopt his 51-year-old former gardener to pass on part of his family wealth to him.
On Tuesday, Fortune reported that Puech has cancelled his inheritance contract with Hermes' charitable arm, the Isocrates Foundation, which he established himself in 2011.
The Isocrates Foundation publicly opposed Puech's move but said that its president remains open to discussions with Puech on the matter.
"From a legal standpoint, the abrupt and unilateral annulment of a succession agreement appears void and unfounded," the foundation said in a statement.
Puech, a fifth-generation heir of Thierry Hermes who founded the luxury fashion house in 1837, purportedly owns about 5.7 per cent of stakes in Hermes that is currently worth about €12 billion (RM61.2 billion).
Earlier this month, Bloomberg ranked the Hermes as the world's third wealthiest family fortunes and the biggest one in Europe.
Puech, who is unmarried and has no children, has led a reclusive life without much media presence.
Tribune de Geneve reported that Puech's former gardener is a Moroccan man who is married and has two children.
Puech has reportedly referred to the man and his wife as his "adopted son" and "daughter-in-law" for many years now.
