Chanel Breaks Financial Secrecy to Reveal a $46 Billion Fortune

French fashion house reports earnings for the first time
Sales rose 11 percent in 2017, closely held Chanel says

A Chanel store on Rue Royale in Paris.
Photographer: Christophe Morin/Bloomberg

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By Robert Williams and Katya Kazakina

June 21, 2018 at 1:52 PM UTC

Updated on

June 21, 2018 at 3:43 PM UTC

Chanel Ltd., known for No. 5 perfume, little black dresses and financial secrecy, opened its books for the first time to reveal almost $10 billion in sales last year -- a level that rivals luxury leader Louis Vuitton.

It also reveals a vastly larger fortune for the two brothers that own the luxury giant than prior estimates. Alain and Gerard Wertheimer each have about $23 billion based on the results, about $8.7 billion more than previously calculated by the Bloomberg Billionaires Index. That makes them the fourth- and fifth-richest people in France and among the 40 wealthiest on the planet.