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- The Wertheimer family fortune dates back to 1920s Paris when Pierre Wertheimer funded designer Coco Chanel.
- His grandsons, brothers Alain and Gerard Wertheimer, control Chanel today, which generated $9.6 billion in 2018.
- They own 3 vineyards in France and one in Napa Valley. They also breed and race thoroughbreds, according to Forbes.
- The brothers have a combined net worth of $42 billion.
Alain and Gerard Wertheimer, co-owners of luxury brand Chanel, are amongst the 10 richest people living in France. Their wealth, while largely inherited, has been grown through business deals and acquisitions spanning retail, wine, and horse racing.
The brothers are largely tight-lipped, hardly ever speaking to the press or giving interviews about their wealth, companies, family, relationships, or hobbies. They live lavish lifestyles in private, surrounding themselves with those similarly closemouthed, and are known as fashion’s quietest billionaires.
With a combined net worth over $40 billion, the Wertheimer brothers are among the richest people in the world.
Here’s a look at their lifestyle.
Alain, 70, and brother Gerard Wertheimer, 67, both have a net worth of $21 billion for a combined net worth of $42 billion.
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Their wealth began with their grandfather’s acquisition of Chanel, the French fashion house, which they both co-own today. They also own various vineyards across the world and racehorses.
Source: Bloomberg
Their grandfather, Frechman Pierre Wertheimer, and his brother Paul, struck a deal with Gabrielle "Coco" Chanel in 1924, founding Société des Parfums Chanel — a deal to sell and produce Chanel beauty products.
Ron Case/Keystone/Hulton Archive/Getty Images
Source: The New York Times
Chanel, at the time, saw it as an opportunity to get her signature fragrance, Chanel No. 5, into the hands of more customers.
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Source: The New York Times
See the rest of the story at Business Insider
See Also:
- I visited the Chanel store in SoHo the day after Karl Lagerfeld died, and it was clear why the brand has been an icon for nearly 100 years
- Take a look inside the best hotel in Europe, a boutique hotel in the heart of Paris with personal butlers, a hidden smoking room, and views of the Eiffel Tower
- How a Chinese billionaire went from making $16 a month in a factory to being one of the world’s richest self-made women with an $8.3 billion real-estate empire
Source: Business Insider – mgebel@businessinsider.com (Meira Gebel)