Chanel’s Big Dividend Brings Owners’ Windfall to $12 Billion
- Wertheimer brothers have used the payouts to diversify fortune
- Their wealth has risen 19% over the past year to $108 billion
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The billionaire family behind Chanel will have pocketed $12.4 billion in payouts from the luxury brand’s earnings over the past three years, contributing to a massive increase in their personal wealth and underpinning efforts to diversify away from high fashion.
The Wertheimers’ Cayman Islands-based holding company for Chanel is to receive a $5.7 billion dividend for 2023, the largest annual payout since the maker of expensive tweed ensembles and quilted flap bags began publishing results in London six years ago. This adds to the $1.7 billion for the previous year and $5 billion for 2021, according to filings.