Chanel billionaire’s son builds US$110m private equity firm
Chanel billionaire’s son builds US$110m private equity firm
Private Equity Insights
THE son of one of Chanel’s billionaire owners is building a team to help run his private equity venture as a huge luxury goods fortune trickles down to the fourth generation.
David Wertheimer, 37, whose father Gerard is one of the brothers behind the purveyor of expensive handbags and tweed suits, started Luxembourg-based 1686 Partners last year to invest in fashion, cosmetics and lifestyle products. The firm, which raised more than US$110 million as of December, has picked up the pace of hiring in recent months.
Andreas Ernst, a former manager at Skopos Impact Fund, has joined as partner, according to his LinkedIn page. Jonathan Farrugia is PE investment director, Julien Erbrech is operations manager and Jeremie Lotti is head of partnership and strategy, according to their profiles on the social media platform.
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A representative of 1686 Partners declined immediate comment. The team will be located in Europe and Asia with more details to be disclosed later this year, the company said on its website.
Wertheimer’s father and his uncle Alain are credited with owning equal shares in closely held Chanel, which they inherited as grandsons of one of the original business partners in the perfume operation of French fashion designer Gabrielle “Coco” Chanel. The brothers, who are in their seventies, have a combined net worth of about US$106 billion, according to the Bloomberg billionaires Index.
The first three investments by 1686 Partners were in a European ski clothing brand, a seller of new and second-hand luxury watches and a company focusing on stock management and demand forecasting for brands and retailers, David Wertheimer said in a statement in December. He did not identify the companies.
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