Podcast Summary: The Case of the Missing $15 Billion Fortune, Part 1

Podcast: The Journal.
Hosts: Ryan Knutson & Jessica Mendoza
Date: November 25, 2025

Episode Overview

This episode of The Journal explores the baffling disappearance of a $15 billion fortune belonging to Nicolas Puesch, an heir to the renowned luxury brand Hermès. The episode, led by reporters Jessica Mendoza and Nick Kostoff, investigates how Puesch lost his shares, the labyrinthine world of European luxury dynasties, and the constellation of characters caught in the intrigue—spanning family, trusted advisors, and corporate giants.

Key Discussion Points & Insights

1. The Allure and Weight of Hermès Fortune

• Nick Kostoff recounts his trip to Ferre, Switzerland—the tiny, picturesque village where Nicolas Puesch lives in seclusion ([00:22]).
• Hermès as a symbol: Birkin and Kelly bags are established as the pinnacle of luxury ([04:08-04:32]), yet the episode quickly pivots to Hermès's immense financial impact as one of Europe's largest companies by market cap—even outranking corporate stalwarts like Siemens and Airbus ([04:37]).

2. The Background: Nicolas Puesch, Once The Largest Hermès Shareholder

• Nicolas Puesch, great-great-grandson of Thierry Hermès, inherited roughly 6% of the company’s shares, making him one of Hermès’s wealthiest heirs ([05:18-05:29]). His fortune—estimated at $15 billion—was set to go to a foundation, as he neither married nor had children ([06:42]).
• Nick paints Puesch as a quirky figure: "early in his career he did various things… a short stint as a water skiing instructor" ([05:29]).

3. Unraveling: The Mysterious Loss

• In 2023, Puesch sent a shocking letter—labeled "cancellation, inheritance agreement"—to his foundation, revoking the promised fortune, citing their inability to protect his wealth ([07:08-07:32]).
• He also fired his longtime financial advisor, Eric Fremont, ending a 25-year professional relationship without explanation ([07:58-08:26]).
• Rumors proliferated that Puesch had lost everything—his shares and fortune gone with no clear explanation ([08:37]).

4. Competing Theories: Was the Fortune Stolen, Gifted, or Hidden?

The Fremont Interview

• Nick conducts a detailed interview with Fremont, described as "sensitive, fragile" ([09:25]), who alleges that Puesch was manipulated by his handyman, Jadiel Boutroc, and wife Maria Paz ([10:05]).
• Fremont claims the handyman swayed Puesch to leave him the entire fortune, even attempting a formal adoption to change inheritance law limitations ([11:05-11:20]).
  • Quote: "He says that they have a hold over Pwesh, that Pwesh is a vulnerable old man... these guys, the handyman gardener and his wife, has got their claws into him and are basically manipulating him to leave his fortune to them." – Nick Kostoff ([11:20])
• Fremont reported this supposed exploitation to Swiss authorities, but the claim was ultimately dismissed; Puesch's lawyer called the allegations absurd ([11:43]).

5. Puesch’s Perspective (or Lack Thereof)

• Nick attempts an impromptu doorstep interview with Puesch in Ferre, but is rebuffed ([13:50-14:19]).
• Puesch’s lawyer calls the situation a “murky affair” and refuses further comment ([14:55]).

6. The LVMH Twist: Corporate Rivalries and Secret Share Deals

• The episode dives into the history of luxury titans: LVMH (led by Bernard Arnault, a.k.a. “the wolf in cashmere”) and its historic attempt to acquire Hermès stock ([15:34-16:58]).
• LVMH quietly amassed a 17% stake in Hermès—with Fremont’s help—by purchasing shares from Hermès family members between 2001 and 2010 ([17:29-18:29]).
  • Quote: "He decides, okay, I'm going to pull the trigger. And he announces to the market, unbeknownst to Hermès, that he has a 14% stake, which is going to rise to 17%." – Nick Kostoff ([18:29])
• Suspicion fell on Puesch for selling his shares, but he denied it, repeatedly insisting, “I still have my 6%” ([19:16-19:18]), thanks to the anonymity of bearer shares ([19:38-19:55]).

7. The Shocking Claim: Fraud Allegations Against Fremont

• In 2023, Puesch sues Fremont, accusing him of stealing his shares and selling them—possibly to LVMH—without his knowledge ([20:35-21:05]).
  • Quote: "Fremont has stolen everything I have." – Nick Kostoff, paraphrasing Puesch ([21:05])
• Puesch’s lawsuits raise the possibility that investigators should question Bernard Arnault and LVMH ([21:28]), but the company declines to comment.

8. Fremont’s Fierce Denial—And Sudden Death

• Fremont, in interviews with Nick, is passionate in denying any wrongdoing: “He certainly said he felt incredibly betrayed, that this was completely unfair, and that he had worked diligently and honestly for Puesch for 25 years, and that his allegations were completely crazy.” ([22:00])
• In a surprise twist, Fremont dies during the investigation ([22:49]).

Notable Quotes & Memorable Moments

• Nick Kostoff on first hearing of the fortune’s disappearance ([01:53]):
  "I mean, I think like wtf? Yeah, wtf? Exactly, exactly. Wtf?"
• Jessica Mendoza introducing the stakes ([05:18]):
  "Of those heirs, one of the most notable was Nicola Puesch. He would end up holding about 6% of the entire company, 6 million shares of Hermès."
• Fremont’s narrative of manipulation ([11:20]):
  "[The handyman and his wife] have got their claws into him and are basically manipulating him to leave his fortune to them."
• On bearer shares ([19:45]):
  "I mean, usually, yes, but Pwesh owned bearer shares. Bearer shares are kind of like cash in a way. They're not registered."

Timestamps for Important Segments

• [00:22] – Nick’s journey to Ferre, Switzerland
• [01:05] – Introduction to Nicolas Puesch and the Hermes fortune
• [04:37] – Hermès’s size and influence as a corporate powerhouse
• [05:29] – Puesch’s background and character
• [07:08] – Puesch’s letter cancelling his inheritance agreement
• [08:12] – Sacking of Eric Fremont
• [10:39] – Fremont’s claim: the handyman conspiracy
• [11:05] – The attempted adoption of the handyman
• [13:50] – Nick’s confrontation at Puesch’s Swiss home
• [15:34] – The LVMH rivalry and Arnault’s secret share accumulation
• [18:29] – LVMH’s sudden market announcement
• [20:35] – Puesch’s lawsuits accuse Fremont of fraud
• [22:49] – Reporter learns of Fremont’s death

Tone and Storytelling Style

The hosts maintain a blend of intrigue, skepticism, and drama befitting a high-stakes financial whodunit, filled with memorable character sketches, corporate suspense, and surprising personal twists.

What’s Next

The episode ends on a cliffhanger:
Jessica Mendoza ([22:54]):
"And no, it wasn’t the handyman."
The investigation continues in Part 2, promising resolution to the mystery of the vanishing billions.

This summary captures the evolving mystery, the cast of characters, and the cutthroat world of luxury business intrigue as presented in The Journal’s engaging narrative style.