2025年12月，愛馬仕第五代繼承人尼古拉·皮埃什（Nicolas Puech）正式對LVMH集團及其董事長貝爾納·阿爾諾（Bernard Arnault）提告，指控其名下價值約140億歐元的愛馬仕股份被非法轉移。這起訴訟迅速引發全球媒體關注，也再次將奢侈品行業的豪門恩怨和家族糾紛推向風口浪尖。

尼古拉·皮埃什現年82歲，曾是愛馬仕最大個人股東之一，持有約5.7%的股份，折合約600萬股。他聲稱，長期信任的財務顧問埃里克·弗雷蒙德（Eric Freymond）以欺詐手段將其股份秘密轉移至LVMH集團，而自己對此毫不知情。據訴訟文件顯示，這一股份轉移可追溯至2000年前後。弗雷蒙德先是將皮埃什名下的股份轉入一家瑞士公司，隨後又通過股權互換將其轉入LVMH的關聯方。直到2022年因轉賬糾紛，皮埃什才發現異常，赫然發現自己的股份已「不翼而飛」。

2025年5月，皮埃什向巴黎司法法院提起民事訴訟，首次將LVMH及阿爾諾列為被告。案件於11月20日首次開庭，訴求包括追回股份損失及索賠權利。目前，法國檢方僅對弗雷蒙德正式立案，LVMH及阿爾諾尚未受到刑事調查。案件的一大轉折是，財務顧問弗雷蒙德於2025年7月因「自殺」而死於火車事故，使案件的關鍵證據鏈遭到斷裂，皮埃什也因此陷入經濟困境，甚至需乘坐廉價航空出行，生活質量大幅下降。

值得注意的是，LVMH與愛馬仕之間的股權糾葛並非首次。早在2010年，LVMH曾秘密收購愛馬仕23%的股份，引發法律糾紛，最終承諾不再增持。此次訴訟則被外界認為是對舊怨的重新揭示。對此，LVMH否認所有指控，強調並未秘密持股，並指出瑞士法院在2024年已駁回皮埃什部分訴求。

整體而言，此案涉及巨額資產、家族恩怨以及離奇死亡，案件的刑事調查可能持續數年，其最終結果不僅將影響尼古拉·皮埃什及LVMH之間的財務和法律爭議，也可能對奢侈品行業的股權格局與市場生態帶來深遠影響。

In December 2025, Nicolas Puech, the fifth-generation heir of Hermès, officially filed a lawsuit against the LVMH Group and its chairman, Bernard Arnault, accusing them of illegally transferring Hermès shares valued at approximately €14 billion. The lawsuit immediately drew global media attention, once again bringing the high-stakes rivalries and family disputes within the luxury goods industry into the spotlight.

Nicolas Puech, aged 82, was formerly one of Hermès’ largest individual shareholders, holding about 5.7% of the company, equivalent to roughly six million shares. He claims that his long-trusted financial advisor, Eric Freymond, fraudulently transferred his shares to the LVMH Group without his knowledge. According to the lawsuit, the alleged transfer dates back to around 2000. Freymond first moved Puech’s shares into a Swiss company, then subsequently transferred them to LVMH-related entities through a share swap. Puech only became aware of irregularities in 2022 due to a transfer dispute, discovering that his shares had effectively “disappeared.”

In May 2025, Puech filed a civil lawsuit with the Paris Judicial Court, naming LVMH and Arnault as defendants for the first time. The case held its first hearing on November 20, with claims including the recovery of lost shares and compensation rights. Currently, the French prosecution has formally filed a case only against Freymond, while LVMH and Arnault have not been subjected to a criminal investigation. A major twist occurred in July 2025 when Freymond died in a train accident, reportedly by “suicide,” breaking a critical chain of evidence in the case. This left Puech in financial difficulty, forcing him to resort to low-cost airlines for travel and significantly impacting his standard of living.

It is noteworthy that the Hermès–LVMH shareholding dispute is not new. In 2010, LVMH secretly acquired a 23% stake in Hermès, triggering legal conflicts that ultimately resulted in a promise not to increase their holdings further. Many observers view the current lawsuit as a reemergence of old grievances. LVMH has denied all allegations, asserting that it never secretly held Hermès shares and noting that a Swiss court in 2024 dismissed some of Puech’s claims.

Overall, the case involves massive assets, family rivalries, and a mysterious death. The criminal investigation could last several years, and its final outcome is likely to affect not only the financial and legal disputes between Nicolas Puech and LVMH but also have a broader impact on the ownership structure and market dynamics of the luxury goods industry.