Coco Chanel is a name that is synonymous with timeless fashion. Her creations have been worn by some of the most iconic women in history, and her legacy continues to inspire designers even today.
But who owns the brand now? In this article, we will explore the history of the Chanel brand and its current ownership.
The History of Chanel
Chanel was founded by Gabrielle “Coco” Chanel in 1909. The brand started out as a small millinery shop in Paris, but soon expanded to include clothing and accessories. Coco Chanel’s designs were revolutionary at the time; she rejected the corsets and frills that were popular in women’s fashion and instead focused on creating simple, elegant pieces that emphasized comfort and practicality.
Chanel’s Rise to Success
By the 1920s, Chanel had become one of the most influential fashion houses in Europe. Coco Chanel introduced her signature perfume, Chanel No.
5, in 1921 which became an instant classic. The brand also popularized the little black dress, a staple in every woman’s wardrobe today.
The Death of Coco Chanel
Coco Chanel passed away in 1971 at the age of 87. The brand continued under new leadership and expanded its product line to include jewelry, watches, eyewear, and more.
Current Ownership of Chanel
Today, Chanel is owned by Alain Wertheimer and Gerard Wertheimer who are grandsons of Pierre Wertheimer – an early business partner of Coco Chanel. In 1924, Pierre Wertheimer agreed to finance production of Chanel No.
5 in exchange for a majority stake in Parfums Chanel (a subsidiary company). This partnership proved to be incredibly profitable for both parties.
After Coco’s death in 1971, Pierre Wertheimer purchased full ownership of the Chanel brand. In 1983, Alain Wertheimer and Gerard Wertheimer took over the company from their father.
The Value of Chanel Today
Chanel is one of the most valuable luxury brands in the world. In 2020, it was valued at $13.7 billion by Forbes. The brand’s success can be attributed to its timeless designs, high-quality materials, and clever marketing strategies.
Conclusion
In conclusion, Chanel is currently owned by Alain Wertheimer and Gerard Wertheimer who are the grandsons of Pierre Wertheimer – an early business partner of Coco Chanel. The brand’s success continues to thrive due to its innovative designs and clever marketing strategies. Coco Chanel’s legacy lives on through her brand, which remains a symbol of elegance and sophistication even today.