The enigma surrounding Hermès shares worth about €14 billion ($16.2 billion), once inherited by a member of the luxury brand’s founding family, is finally starting to unravel.
Dumas says €14 billion ($16.2 billion) Hermès stake no longer held by Puech. – Bloomberg
Hermès International SCA believes the family member, Nicolas Puech, has not held shares in the Birkin bag maker for some time, according to Executive Chairman Axel Dumas. His statement adds a new twist to a prolonged legal dispute — now further complicated by the recent death of Puech’s former wealth manager.
“I’ve known for a long time that Nicolas Puech no longer holds his shares,” Dumas told reporters on Wednesday during an earnings call. He made his most detailed public comment on the matter and explained, “That’s why we started legal proceedings.” He also stated that he doesn’t believe the company can recover the shares.
The uncertainty around Puech’s stake in Hermès has remained one of the most persistent questions following one of France’s most high-profile corporate battles. Over a decade ago, Bernard Arnault — founder of luxury conglomerate LVMH Moët Hennessy Louis Vuitton SE — revealed he had discreetly acquired a stake in Hermès. In response, the founding Hermès family united and successfully resisted the takeover attempt.
The status of Puech’s shares was never publicly clarified, even after Arnault’s 2014 agreement to begin unwinding his position. The mystery deepened in 2023, when Puech accused his former wealth adviser, Eric Freymond, of mismanaging his assets. Freymond died in Switzerland last week.
Puech, a fifth-generation heir, had been involved in a legal dispute with Freymond in Geneva over the management of his wealth, largely tied to approximately 6 million Hermès shares. The brand remains one of the most valuable luxury houses globally.
Dumas described Freymond’s death as “tragic” and “sad.”
Lawyers for both Puech and Freymond were not immediately available for comment.
The Hermès family, which includes over 100 members, is among Europe’s wealthiest dynasties. If Puech, who resides in Switzerland, were still holding his stake, he would be the single largest shareholder in the 1837-founded house known for its handbags and silk scarves.
Dumas himself is a sixth-generation descendant of the company’s founder. His late uncle, Jean-Louis Dumas, who once served as CEO of Hermès, was also Puech’s cousin.
“Africa is not here to be discovered; Africa is here to be recognised.” With that assertion, Lulu Shabell, founder and CEO of the Lulubell Group, launches Álké Ball, an institution dedicated to securing global recognition for African fashion.
The institution’s work is underpinned by the Álké Fund – The Álké Ball
Grounded in art, heritage, knowledge, and enterprise, the Álké project seeks to catalyse a decisive shift: from sporadic visibility to an intentional, structured, unified and globally influential African authority. Its name is drawn from the word “Álkébulan,” regarded by some as among the oldest known names for the African continent.
“Before the modern vocabulary of luxury, there was Africa”
Drawing on her experience across more than 20 African countries, Lulu Shabell has supported designers, helped to expand the African fashion industry, and forged international connections through the Lulubell Group. Under her leadership at Álké Ball, a pan-African collective of designers, archivists, curators, researchers, and creative strategists has taken shape.
Together, they advance a shared thesis: that long before silk, cotton, and the modern vocabulary of luxury, there was Africa- a place where pattern was a language, textiles a code, and clothing a philosophy. In Africa, fashion has never been purely decorative; it was, and remains, a testament to lineage, mastery, and thought.
Taking action through a fund
At the heart of Álké’s mission is the Álké Fund, a permanent, continent-wide financing structure designed to ensure the long-term stability, independence, and global competitiveness of Africa’s creative industries. The Álké Fund will invest strategically in four interconnected pillars that support Africa’s creative sovereignty.
Álké Ball is the brainchild of entrepreneur Lulu Shabell – Lulubell Group
To advance education and skills, Álké will create pathways for the next generation of creators, artisans, and entrepreneurs, ensuring that intergenerational knowledge is actively passed on rather than lost (which is also the mission of 54 Faces, an association co-led by Judy Sanderson). The institution will also focus on manufacturing and production capacity, strengthening local value chains, and accelerating innovation across both artisanal and industrial systems.
A first edition in Cape Town
Álké Ball will mobilise around archives, the preservation of craft expertise, and research: safeguarding African textile histories, indigenous knowledge systems, and craft techniques through documentation, conservation, and active use. Finally, the collective will work to develop African brands by promoting sustainable commercial growth, operational stability, and long-term international expansion.
According to Lulu Shabell and the pan-African collective, the fund is not merely a financial instrument. It is also a concrete response to decades of underinvestment in Africa’s creative and cultural industries. Its inaugural edition will take place in Cape Town, with subsequent editions rotating among Africa’s cultural capitals.
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Lululemon was making headlines last week as its CEO exited but it had more upbeat news on Sunday as Lewis Hamilton made a personal appearance at the Regent Street, London, flagship store to to celebrate the launch of The Lewis Hamilton Edit, a curated 36-piece capsule personally selected by the champion racing driver.
André Maestrini and Lewis Hamilton – Lululemon
Importantly too, joining Hamilton in-store for photos was Lululemon’s new interim CEO, André Maestrini, marking his first public appearance in the role and highlighting the company’s focus on innovation, as well as stressing that there’s no vacuum at the top of the company’s leadership tree.
Hamilton became a Lululemon ambassador earlier this year and made an unannounced appearance in the store.
Available exclusively at the Regent Street location and on the brand’s UK webstore, the Edit brings together Hamilton’s favourite menswear and womenswear pieces from the brand’s Winter 2025 collection — “each style chosen for its high performance and elevated aesthetic, all filtered through the distinctive personal style he’s renowned for”.
The appearance may have been unannounced but there were plenty of fans gathered outside to see him in a full look from the Edit as he greeted the crowd, signed autographs, and posed for photos.
The first 100 people in the queue also received Lululemon products signed by Hamilton and he was also helping staff style looks and wrap gifts behind the tills.
Such appearances are hugely important for stores at this time of year as they compete to attract customers.
In a report of around 40 pages, the Dutch NGO Changing Markets casts doubt on polyester’s virtuous image, suggesting it releases far more microplastics than virgin polyester, according to research conducted at Çukurova University in Turkey.
Shutterstock
The university carried out tests on 51 “representative” garments from the product ranges of the brands Adidas, H&M, Nike, Shein, and Zara. The document, reviewed by FashionNetwork, indicates that recycled polyester sheds 54.8% more microplastic particles. The NGO believes this figure may even be an underestimate.
Changing Markets argues that the polyester presented as recycled by Shein is not actually recycled. This appears to be borne out by the platform itself, as the word “recycled” has disappeared from the product pages of certain items. According to the study, this “polyester fraud” is commonplace in the textile industry, with the study noting evidence of similar practices at H&M and Nike.
When Shein products are excluded from the analysis, the volume of microfibres released is 72% higher than for virgin polyester. The document also notes that microfibres from recycled polyester are 20% smaller than those released by virgin polyester.
Use of bottles under scrutiny
Why the disparity? The study offers little explanation, simply noting that recycling processes, whether chemical or mechanical, weaken polymer chains, creating shorter, more imperfect molecular structures.
However, this is not the study’s main focus, which primarily targets the conversion of plastic bottles into polyester, with 98% of recycled polyester not coming from recycled textiles and clothing. Changing Markets likens this to a form of greenwashing, and argues that the practice misleads consumers about the supposed environmental virtue of these products.
The study was unable to compare shedding due to the lack of virgin polyester at Zara and of uniform materials at Adidas. The material marketed by Shein is suspected of not actually being recycled. – Changing Markets
“Recycled polyester has become a practical solution for the industry, allowing brands to claim progress in reducing their reliance on virgin plastic while increasing overall synthetic fibre production,” reads the study. “Textile Exchange data makes this clear: although recycled polyester volumes increased last year, its overall market share fell from 12.5% to 12%, as virgin polyester grew even faster.”
Disputed findings
Nike proved the most polluting (for both virgin and recycled fabrics), ahead of Adidas: Nike’s recycled polyester shed over 30,000 fibres per gram of garment on average, nearly four times more than H&M and seven times more than Zara.
Adidas maintains that it sees “an environmental benefit in using recycled polyester,” a spokesperson told AFP, because “no crude oil needs to be processed and plastic waste is reused.”
“Compared with virgin polyester, it generates far fewer greenhouse gas emissions,” continued the German sportswear company, citing other scientific studies, such as that by the NGO Microfibre Consortium, which find no significant differences between recycled and virgin fibres when it comes to microfibre shedding.
“The H&M Group shares concerns about the environmental impact of fibre fragments,” the Swedish brand told AFP, pointing out that polyester accounts for only 22% of its production and saying it is working in particular on “research into production processes that reduce the release of particles.”
For now, Nike, Shein, and Zara have not responded to AFP’s requests regarding the study’s findings.
FashionNetwork.com with AFP
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