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.