A fortune handed down through Chanel
Gérard Wertheimer's wealth is an inheritance from his family's ownership of Chanel. The story starts with his grandfather, Pierre Wertheimer, who with his brother Paul controlled the Bourjois cosmetics firm in Paris. In 1924 Pierre struck a deal with the designer Gabrielle Chanel to create Parfums Chanel, providing the capital and industrial capacity to make and sell her fragrances on a large scale. The family received most of that company, and Chanel No. 5 became one of the best selling perfumes ever made.
Thirty years later, in 1954, Pierre Wertheimer bought the rest of the Chanel business, including the fashion house, when Coco Chanel needed backing to relaunch her collections. The deal left the entire brand in Wertheimer hands, where it has remained ever since.
Ownership passed to Pierre's son Jacques and then to Jacques's two sons, Alain and Gérard. The brothers are generally reported to hold equal stakes. Chanel has never been listed on a stock exchange, so the value of the company, which has grown strongly in recent decades on rising demand for luxury goods, belongs to the two brothers. Gérard did not found the business and his wealth is properly described as inherited.
The Chanel portfolio and family interests
The company the brothers own spans:
- Fashion and leather goods: couture, ready to wear, handbags, shoes and accessories
- Fragrance and beauty: perfumes led by Chanel No. 5, cosmetics and skincare
- Watches and fine jewelry: the watch business based in Switzerland, including the J12 line, and stakes in independent watchmakers
- Paraffection ateliers: specialist craft workshops in embroidery, feathers, pleating, gloves and hats, brought together in the le19M building in Paris
Chanel is held through Chanel Limited, a London based company, and since 2018 it has published annual financial results. The group has grown its boutique network, investing in store openings and in control of its distribution rather than relying on wholesale partners.
Outside Chanel, the brothers co-own two Bordeaux wine estates, Château Rauzan-Ségla and Château Canon, as well as a thoroughbred racing stable operating as Wertheimer et Frère, which has won major races in France and abroad. The stable continues a family interest in horse racing that dates back to Pierre Wertheimer, who bred and raced horses before the Second World War.
Background and role in the business
Gérard Wertheimer is the younger of the two sons of Jacques Wertheimer. Like his brother, he grew up in France in a family where perfume and cosmetics had been the core business for generations.
While Alain took the lead role as chairman from 1974, Gérard became associated in particular with Chanel's watch activities. The house entered watchmaking in the 1980s, and Gérard has been described as the family member overseeing that division, which grew with designs such as the J12, introduced in 2000. Chanel's watch business has since invested in Swiss manufacturing capacity and in partnerships with independent watchmakers.
The brothers have shared responsibility for strategic decisions at Chanel and have kept the company under family control despite the consolidation of the luxury industry into large listed groups such as LVMH and Kering. They have stated publicly on several occasions that the company is not for sale. Gérard has also been a central figure in the family's racing operation, and he is regularly seen at major horse racing events.
Life away from the spotlight
Gérard Wertheimer is even less visible in public than his elder brother. He gives almost no interviews, and published photographs of him are rare. The family's preference for privacy extends to its finances, although Chanel's decision to publish results since 2018 has provided more information about the size of the business.
Charitable activity linked to the family runs largely through Chanel. The Fondation Chanel, set up in 2011, supports programs for the economic independence and wellbeing of women and girls. Chanel also funds cultural projects and the preservation of traditional crafts, which the company views as part of its heritage.
The family's equestrian activity is the area where Gérard's name appears most often. Wertheimer et Frère horses have won prominent races in Europe and the United States, notably the mare Goldikova, a three time winner of the Breeders' Cup Mile, and the stable is regarded as one of the leading private racing operations in France. His public presence is otherwise limited, and the Wertheimer name remains much less familiar to the public than the Chanel brand the family has owned for generations.