The Wertheimer brothers of Chanel ready to invest in Rothschild & Co
The Wertheimer family, owner of luxury house Chanel, may invest in Rothschild & Co as the investment bank considers withdrawing from the Paris stock exchange via a takeover bid, according to Les Echos. Other families including Peugeot and Dassault are also ready to invest in Rothschild.
According to the LVMH-owned business daily, Alain and Gérard Wertheimer are expected to invest with their half-brother Charles Heilbronn, through their family office Mousse Partners.
The investment bank is currently 38.9% owned by Concordia, the holding company of the French branches of the Rothschild family, which holds 47.5% of the voting rights. It is valued at around €3.6 billion, according to Les Echos.
According to the Swiss magazine Bilan, the assets of Gérard Wertheimer, who lives in the canton of Geneva, and his brother Alain Wertheimer, who lives in the United States, are worth between 38 and 39 billion Swiss francs (between €38.5 and 39.5 billion). According to Challenge's estimates, the two brothers' fortune is closer to 80 billion euros. In addition to Chanel, they also own, among other things, racehorses and wine estates.
In 2021, the fashion house's turnover reached $15.6 billion (€14.6 billion), jumping 27.4% from its pre-pandemic level in 2019, with a net profit of $4 billion (€3.7 billion).
Copyright © 2023 FashionNetwork.com All rights reserved.