Table of Contents
- Alain, 74, and brother Gerard Wertheimer, 71, both have fortunes worth $48 billion for a combined net worth of $96 billion.
- Their wealth stems from their grandfather's acquisition of French fashion house Chanel. Back in 1925, their grandfather, Frenchman Pierre Wertheimer, and his brother Paul, struck a deal with Gabrielle "Coco" Chanel.
- They founded Société des Parfums Chanel with the aim of selling and producing Chanel beauty products. Chanel herself saw it as an opportunity to get her signature fragrance, Chanel No. 5, into the hands of more customers.
- Before 1924, the fragrance was only available to exclusive clientele at Chanel's Paris boutiques.
- Chanel was a Nazi sympathizer and was well-connected in the world of prominent Nazis. She dated a Gestapo spy and appeared to have worked as an informant during World War II, though she was never charged.
- In 1941, Chanel tried to legally wrest control of the company from Pierre Wertheimer. The Wertheimers were Jewish and, at that time, owned over 50% of the fashion house. Chanel attempted to use a law that banned Jews from owning businesses.
- But Chanel was unsuccessful, as the Wertheimers had secretly handed off their stake to another French businessman before fleeing France during the Nazi occupation. In 1954, Pierre Wertheimer took full control of the company in exchange for promising to pay Coco Chanel's bills and taxes from then on. She died 17 years later.
- Pierre died in the 1960s, and control of the company passed to his son, Jacques. In 1973, at 25 years old, Jacques' son Alain convinced the board of trustees to let him take over the company.
- The brothers assumed the roles of co-owners of the House of Chanel in 1996. Alain serves as chairman while Gerard heads the company's watch division from his home in Geneva. They are the third generation to run the over 110-year-old company.
- The New York Times once described the brothers as "fashion's quietest billionaires." Gerard told The Times' magazine in 2002 that the family prefers being discreet. "It's about Coco Chanel. It's about Karl [Lagerfeld]. It's about everyone who works and creates at Chanel. It's not about the Wertheimers," he said at the time.
- In 1983, the Wertheimer brothers appointed Karl Lagerfeld as the artistic director of Chanel's fashion division.
- The New York Times called Lagerfeld the most "prolific designer" of the 20th and 21st centuries.
- Lagerfeld spent three decades overseeing design for Chanel, revolutionizing the brand and saving it from a potential financial collapse.
- "When I took on Chanel, it was a sleeping beauty. Not even a beautiful one. She snored," Lagerfeld said in a 2007 documentary called "Lagerfeld Confidential." "So I was to revive a dead woman."
- Lagerfeld died in February 2019, and a tribute was held in Paris that June to remember the fashion icon. Celebrities including Tilda Swinton, Cara Delevingne, Helen Mirren, and Pharrell Williams attended.
- Even as Chanel regained its prominence in the fashion world and the Wertheimers' fortune grew, they remained low-key and press-shy. If they attend a Chanel fashion show, they drive themselves, and then sit in the third or fourth row.
- Like other luxury-goods companies, Chanel has started catering to its high-net-worth customers, who have remained resilient amid economic upheaval. The brand's handbags, already a luxury item, rose in price three times between 2021 and 2022. And Chanel said last year that it plans to open boutiques specifically geared toward its highest-spending clients.
Alain, 74, and brother Gerard Wertheimer, 71, both have fortunes worth $48 billion for a combined net worth of $96 billion.
Source: Bloomberg
Their wealth stems from their grandfather's acquisition of French fashion house Chanel. Back in 1925, their grandfather, Frenchman Pierre Wertheimer, and his brother Paul, struck a deal with Gabrielle "Coco" Chanel.
Source: The New York Times
They founded Société des Parfums Chanel with the aim of selling and producing Chanel beauty products. Chanel herself saw it as an opportunity to get her signature fragrance, Chanel No. 5, into the hands of more customers.
Source: The New York Times
Before 1924, the fragrance was only available to exclusive clientele at Chanel's Paris boutiques.
Source: The New York Times
Chanel was a Nazi sympathizer and was well-connected in the world of prominent Nazis. She dated a Gestapo spy and appeared to have worked as an informant during World War II, though she was never charged.
Source: PBS
In 1941, Chanel tried to legally wrest control of the company from Pierre Wertheimer. The Wertheimers were Jewish and, at that time, owned over 50% of the fashion house. Chanel attempted to use a law that banned Jews from owning businesses.
Source: The Guardian
But Chanel was unsuccessful, as the Wertheimers had secretly handed off their stake to another French businessman before fleeing France during the Nazi occupation. In 1954, Pierre Wertheimer took full control of the company in exchange for promising to pay Coco Chanel's bills and taxes from then on. She died 17 years later.
Source: The Guardian, Bloomberg
Pierre died in the 1960s, and control of the company passed to his son, Jacques. In 1973, at 25 years old, Jacques' son Alain convinced the board of trustees to let him take over the company.
Source: The New York Times
The brothers assumed the roles of co-owners of the House of Chanel in 1996. Alain serves as chairman while Gerard heads the company's watch division from his home in Geneva. They are the third generation to run the over 110-year-old company.
Source: Forbes, The New York Times
The New York Times once described the brothers as "fashion's quietest billionaires." Gerard told The Times' magazine in 2002 that the family prefers being discreet. "It's about Coco Chanel. It's about Karl [Lagerfeld]. It's about everyone who works and creates at Chanel. It's not about the Wertheimers," he said at the time.
Source: The New York Times Magazine, The New York Times
In 1983, the Wertheimer brothers appointed Karl Lagerfeld as the artistic director of Chanel's fashion division.
Source: The New York Times Magazine
The New York Times called Lagerfeld the most "prolific designer" of the 20th and 21st centuries.
Source: The New York Times
Lagerfeld spent three decades overseeing design for Chanel, revolutionizing the brand and saving it from a potential financial collapse.
Source: Insider
"When I took on Chanel, it was a sleeping beauty. Not even a beautiful one. She snored," Lagerfeld said in a 2007 documentary called "Lagerfeld Confidential." "So I was to revive a dead woman."
Source: Insider
Lagerfeld died in February 2019, and a tribute was held in Paris that June to remember the fashion icon. Celebrities including Tilda Swinton, Cara Delevingne, Helen Mirren, and Pharrell Williams attended.
Source: Vogue
Even as Chanel regained its prominence in the fashion world and the Wertheimers' fortune grew, they remained low-key and press-shy. If they attend a Chanel fashion show, they drive themselves, and then sit in the third or fourth row.
Source: The New York Times Magazine
Like other luxury-goods companies, Chanel has started catering to its high-net-worth customers, who have remained resilient amid economic upheaval. The brand's handbags, already a luxury item, rose in price three times between 2021 and 2022. And Chanel said last year that it plans to open boutiques specifically geared toward its highest-spending clients.
Source: The Wall Street Journal, Business of Fashion
