Frédéric Merlin siphoned 106 million euros from BHV before leaving the Paris department store on June 16, 2026. He handed the business to his deputy, Karl-Stéphane Cottendin, approximately two and a half years after taking control.

The financial misappropriation preceded a leadership transition that Merlin publicly welcomed. At the handover, the Lyon-born businessman praised the takeover project and the people behind it.

The 106 million euros siphoned by Merlin before BHV’s handover

The sum taken from BHV, or Bazar de l’Hôtel de Ville, places the financial misappropriation alongside the change at the top of the renowned Paris store. Merlin’s departure ended a period of control lasting approximately two and a half years.

Karl-Stéphane Cottendin succeeded Merlin after serving as his number two. The succession therefore transferred leadership to Merlin’s deputy.

The account of Merlin siphoning 106 million euros contrasts with his upbeat public description of the handover. His remarks concerned the takeover project and those carrying it out.

Speaking to AFP when he ceded BHV on June 16, 2026, Merlin described the takeover as “a real project for an effective takeover by serious people.”

Article produced with the assistance of artificial intelligence and reviewed by the editorial team.

Amelia Tomasicchio

As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for several international crypto-related magazines and CMO at Eidoo. She is now the co-founder of The Cryptonomist. She is also a marketing teacher at Digital Coach in Milan and she published a book about NFTs for the Italian publishing house Mondadori, while she is also helping artists and company to entering in the sector. As advisor, Amelia is also involved in metaverse-related project such as The Nemesis and OVER.