A high-profile legal battle is unfolding in Washington, D.C., involving Nicolas Puech, an 82-year-old heir to the renowned French luxury house, Hermès. The lawsuit centers on a disputed private agreement in which Puech allegedly failed to transfer Hermès shares worth around €14 billion (approximately $16 billion). The legal complaint, filed by Honor America Capital LLC, seeks over $1.3 billion in damages.

Honor America Capital alleges that Nicolas Puech violated a private agreement to transfer shares of Hermès International SCA. A deal reportedly supported by Qatar’s Emir, Sheikh Tamim bin Hamad Al Thani. A letter dated February 27 from Honor America Capital’s chairman, Abdulla Mishal Al Thani, outlined full financial commitments and a clear expectation of completing the transaction.

By March, the deal fell apart. By March, the deal fell apart. Besse informed the buyer that they could not retrieve the Hermès shares from Lombard Odier, a custodian bank based in Geneva, which has since declined to comment. This breakdown led to the lawsuit currently being pursued in U.S. court.

Puech has denied any involvement in the agreement, claiming through his lawyers. Grégoire Mangeat and Fanny Margairaz, that he only became aware of the deal through media reports. However, court documents appear to show signed agreements between Puech and Honor America Capital. The filings also mention Borysthene LLC, a Delaware-based entity reportedly linked to Puech.

This legal confrontation is more than just a dispute over shares—it reflects broader shifts in global luxury investment. Over the past decade, Gulf nations, especially Qatar, have significantly increased their stakes in the European luxury market. The country’s sovereign wealth fund, for instance, owns iconic names like Harrods, Valentino, and Balmain via investment firm Mayhoola.

Tensions heightened in 2010 when LVMH’s CEO Bernard Arnault quietly acquired a stake in Hermès, a move that led to a public dispute. A 2014 settlement requiring LVMH to divest and cease further acquisitions for five years. Puech later stepped down from Hermès’ supervisory board, though the status of his personal shares remained uncertain.