Wertheimer brothers
Alain and Gérard Wertheimer, both in their 70s, are third-generation owners of Chanel.
Their grandfather, Pierre Wertheimer, made a deal with Gabrielle “Coco” Chanel in 1924 regarding the business’ now iconic-perfumes, and a new corporate entity, Parfums Chanel, was born. Wertheimer would make the famous No. 5 scent in his factory in exchange for a percentage of the company. In 1954, he took full control of the company.
The brothers each have an estimated net worth of $32.5 billion each, according to Forbes.
Alain and Gérard inherited the company when their father, Jacques Wertheimer, died in 1996. Alain is chairman of Chanel, while Gérard leads the company’s watch division. The brothers are each worth $32.6 billion, according to Forbes.
The New York Times has called the brothers “fashion’s quietest billionaires.” In a rare interview, Gérard told the Times in 2002 about their choice to stay under the radar.
“It’s about Coco Chanel. It’s about Karl. It’s about everyone who works and creates at Chanel. It’s not about the Wertheimers,” he said at the time, referring to the Karl Lagerfeld, the fashion house’s former creative director.
In that same article, the Times reported that the brothers never attend a Chanel store’s opening and that if they go to a Chanel fashion show, they drive themselves and sit in the third or fourth row.
Chanel, the company, long had a secretive approach to handling its financials, going 108 years before releasing any. When it first did so in 2018, it reported total sales of $9.62 billion for the 2017 calendar year.
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