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Dear friends of the brand FP Journe, First I was shocked...

 

I dont know more than you do - we still need this to be confirmed officially...

So after swallowing the news of this, perhaps it is not so bad after all. - Look at who owns Chanel! 

Here are my thoughts as of this moment:

First I thought, if they are giving free samples of perfume with watches (the stuff that my mother sprays her self with !!!  :-0 )...and then I started to look at it in a more rational way....

FP Journe is not old, but he is not young either. One day he will have to deal with the same issue as the rest of us. He will have reached the end of the road. So who will take the torch from him. I know these difficult questions from my professional life. Being very close to family owned businesses, eventually the question ocours: what about the future? If there isnt a son or daughter who can continue the business - then what?  This is a big question for all those of us who are interested in independant watchmakers. What about the future? Can I have my watch repaired and how will it be percieved in the future? Some of us admired the brand Gerald Genta - I was shocked when, overnight, it was swallowed by Bulgari, in a not so flattering way.

I have followed,and been a fan, of FPJ ever since i visited the manufacture in Geneve, in 2007. I was visiting the manufactures of a number of big brands and a number of independants, but visiting  FPJ was a revelation to me. It is, a very unique brand. It doesnt get all the credit it deserves, IMO. So I am a fan, and you will have to forgive me - but this issue means a lot to me.
One thing I feel pretty certain of, is that the person FPJ, pays a lot of thought to his legacy and how it will be beyond him. So who will take over. Not his friends that invested in the beginning. They are as old as he is.
So the claim is that he has sold 20% to Chanel. So I googled the owners of Chanel:

Some extracts for Wikipedia:

Chanel S.A.
Société Anonyme
IndustryFashion
Founded1909; 109 years ago
FounderCoco Chanel
HeadquartersParis France
Number of locations
310
Area served
Worldwide
Key people
Products
RevenueIncrease $ 9.6 billion (2017)[1]
€ 1.3 billion[2]  (2016)
Number of employees
1,270 (2010)
Website; padding-right: 13px;">www

Chanel S.A. (/ʃəˈnɛl /French: [ʃaˈnɛl] ) is a Frenchprivately held company owned by Alain Wertheimer and Gérard Wertheimer, grandsons of Pierre Wertheimer, who was an early business partner of the couturière  Gabrielle Bonheur Chanel. Chanel S.A. is a high fashion house that specializes only in women's haute coutureand ready-to-wear clothes, luxury goods, and fashion accessories.


Gérard Wertheimer
BornGérard Paul Philippe Wertheimer
17 April 1951 (age 67)
ParisFrance
ResidenceGenevaSwitzerland
CitizenshipEuropean
Alma materUniversity of Paris
Known forCo-Owner of House of Chanel
Net worthIncrease US$12.7 billion (November 2017)[1]
Spouse(s) Valérie Wertheimer
Children3
Relatives

Gérard Paul Philippe Wertheimer (born April 17, 1951) is a French businessman based in Geneva who owns and controls the House of Chanel perfumecompany in partnership with his brother, Alain.


Alain Wertheimer
Born17 April 1948 (age 70)
ParisFrance
ResidenceParisFrance
NationalityFrench
Known forco-owner of House of Chanel
Net worthIncrease US$12.7 billion (November 2017)[1]
Childrenthree
Parent(s)Jacques Wertheimer
Eliane Fischer
RelativesGerard Wertheimer (brother)
Pierre Wertheimer (grandfather)

Alain Wertheimer (born September 28, 1948[2] ) is a French businessman based in France who, with his brother Gerard, own the controlling interest in the House of Chanel and also have an investment in Bell & Ross. Wertheimer was born to a Jewish family,[3]  the son of Jacques Wertheimer and Eliane Fischer. His grandfather, Pierre, co-founded the House of Chanel. The privately held company is run by Alain who has presided over the acquisition of several non-Chanel brands, including Eres Lingerie and beachwear, Tanner Krollesaddles and leather goods, and Holland & Holland, a British gunmaker. Based in France, the Wertheimer brothers own French vineyards including Château Rauzan-Ségla in Margaux, France, and Château Canon in Saint-Emilion, both of which have won rave reviews from oenophiles.


So if the rumours hold true, it is my initial impression that FPJ has sold 20% of his company to a family who has the understanding and appreciation for long term value. I doubt you will see a 1304 movement in a Chanel watch anytime soon.


If you where in his shoes, would you do? Sell to the stock market regime of Johann Rupert or to some privately held company with and understanding of long term brand value?


I look forward to hearing your thoughts?


Best


Christian




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