Hermès is one of Europe’s most storied luxury brands, known for its Birkin bags and expensive silk scarves. One of the company’s biggest shareholders had been fifth-generation Hermès heir Nicolas Puech. But a few years ago, Puech made a shocking admission: he was out of money. And Puech’s Hermès shares, worth some $15 billion, were missing. In this first episode, WSJ’s Nick Kostov digs into one of the most baffling and epic financial sagas of this century. Jessica Mendoza hosts.
Further Listening:
The World's Richest Person Is Planning for Succession
Are Diamonds Even a Luxury Anymore?
How a Miami Couple Used Empty Mansions to Pocket Millions
Sign up for WSJ’s free What’s News newsletter.
Learn more about your ad choices. Visit megaphone.fm/adchoices