Foto Jacques Gouallou
According to prosecutors, Montavon is suspected of complicity in breach of trust in connection with his activities in the offshore company Dilico, where he acted as a lawyer and administrator, writes Reuters. The investigation is examining whether this structure was used to transfer or conceal control over a stake in Hermes owned by Puesch.
Earlier, French financial markets regulator AMF indicated that Hermes shares were transferred through Dilico to banks linked to LVMH. These transactions drew the attention of the authorities after LVMH unexpectedly disclosed in 2010 that it owned almost 17% of Hermes, a luxury goods manufacturer.
An official investigation in the French legal system means that the investigating authorities have deemed the materials collected sufficient for further in-depth investigation. At the same time, this status does not mean an admission of guilt of the suspect. Montavon declined to comment, referring media inquiries to his lawyer.
The history of the conflict between Hermes and LVMH began in 2010, when Bernard Arnault’s group announced the acquisition of a significant stake in Hermes. The move came as a surprise to the market and led to a years-long standoff between the two French luxury houses. In 2013, the AMF fined LVMH €8 million for breaches of disclosure rules in the formation of the stake.
At the center of the current case is 83-year-old Nicolas Pouchez, who claims to have lost the stake he owned worth more than €10 billion. In a rare interview with French magazine L’Express, he said he inadvertently lost control of his assets.
In a complaint filed in Paris, Pouchez accused his former asset manager, Eric Freymond, and possible accomplices of breach of trust and misappropriation of assets. Freymond, who managed the heir’s fortune for more than two decades, died in July 2025 while under investigation in Switzerland. Local authorities reported that they were considering suicide.
LVMH denies all accusations and says it never misappropriated Hermes shares. If the suspicions of the investigation are confirmed, the case could become one of the most high-profile corporate investigations in France in recent years and clarify the mechanisms of formation of a multi-billion dollar stake in the capital of one of the most closed luxury houses in Europe.
