The wertheimer fortune dates back to 1920s paris when pierre wertheimer funded designer coco chanel. Following coco chanel's death in 1971, chanel as a brand was on the decline. The story of how the secretive billionaire brothers, alain and gĂ©rard wertheimer, came to own chanel, as well as eight homes, vineyards and pedigree racehorses. With roots in both entrepreneurial ingenuity and a deep respect for tradition, the familyâs influence spans nearly a century. Despite tapping one of the industryâs most famous creative directors, karl lagerfeld (in 1983), to front one of the most famous brands in the world, alain and gĂ©rard wertheimer,.
Since then, chanel has been handed down from wertheimer father to son and, since 1974, has been managed by gerard and alain, the grandsons of pierre and sons of. This article explores their history, financial standing, and the enduring. Born in paris in april 1951, gerard, along with his younger brother alain wertheimer, inherited the legacy of their grandfather, pierre wertheimer, a visionary. One of the few luxury fashion houses not amassed by conglomerates lvmh or kering, chanel has been privately owned by the wertheimer family for almost a century. His grandsons, brothers alain and gerard wertheimer, control chanel.