ChristianDK
[F.P. Journe Moderator]
8487
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...
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:
 | |
 | |
| Société Anonyme | |
| Industry | Fashion |
| Founded | 1909 |
| Founder | Coco Chanel |
| Headquarters | Paris , France |
Number of locations | 310 |
Area served | Worldwide |
Key people |
|
| Products | |
| Revenue |  $ 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 French, privately 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 | |
|---|---|
| Born | Gérard Paul Philippe Wertheimer 17 April 1951 Paris, France |
| Residence | Geneva, Switzerland |
| Citizenship | European |
| Alma mater | University of Paris |
| Known for | Co-Owner of House of Chanel |
| Net worth | US$12.7 billion (November 2017)[1] |
| Spouse(s) | Valérie Wertheimer |
| Children | 3 |
| 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 | |
|---|---|
| Born | 17 April 1948 Paris, France |
| Residence | Paris, France |
| Nationality | French |
| Known for | co-owner of House of Chanel |
| Net worth | US$12.7 billion (November 2017)[1] |
| Children | three |
| Parent(s) | Jacques Wertheimer Eliane Fischer |
| Relatives | Gerard 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
Well it was only a question of time, but interesting that it’s Chanel
And not Richemont 🤣
Is this being read as a total sale of the company? Is FPJ no longer an independant?
I believe AP owns the same % of Richard Mille.
A global player like CHANEL dont buy 20% without option to buy more. When the buy more, this is only question of time, now they have one leg inside.
For FPJ it is a life insurance to survive in a market with four big players. CHANEL keep his back free. You are rigth, he is from Marseille and later in Paris for his first steps. My mistake! If it is not a Paris story, so it is a French story.
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 givin...
So very, very true, dear friend. I think we sometimes forget that the horological world is - in relative terms - small, esoteric and very fragile.
We also play with the image of eternity and longevity - but there is also a business reality that cant be ignored. I really hope that this is the beginning of a good road...but we will see...
Christian, thanks for putting your thoughts together. I'm am also very interested in what this means and how it will play out.
While you are correct in highlighting Chanel as a family owned company with the understanding of how to build and maintain a luxury brand my concern is that 1) both owners and principal executives of Chanel are nearing 70 years of age which in my mind bri...
thank you, Jay...
.....for the very good questions you pose....And I cant offer a good response to a single one of them. As you, with your fine sense of humour, put it, we need an investment banker here.... ;-) I am just a poor soul who hopes for the best. We will only kno...
Don’t forget that FPJ did a CB Holland and holland version which is owned by the family that owns Chanel
Maybe the roots started from there
im Sure that is no coincidence with Holland & Holland
If it where It all started - I don’t know. They all live in Geneva so maybe they are part of the same circles....?
It is a very clever move by FPJ.
It brings sustainability to the company. Well done. Fx
I really hope that it does, dear FX
the kind, that you and I will appreciate . best Christian
Its looks like the same story as Greubel Forsey .
Sell a few % but still stay independent 👍🏻
yes that is a good example also.
but there is a future beyond the founders. As buyers of these products, we can only hope that the owners choose a good path for the brands... Our watches are going to be around for a long time.....
True when you think about the watchmaker will not be around anymore at some point .
But i think FPJ will leave a Worthy and talented successor behind . He knows what he is doing
Probably not at all comparable...
But I had hoped Journe could have accomplished something akin to what Rolex did many years ago with the company held in trust and operated independently. Two vastly different companies and economic circumstances, of course... Cheers, John
I understand your feelings very well, John
As it is a very pure model. But most of the watch brands have changed hands several times. Patek was sold to a dial manufacturer in the 30’ies. And that went pretty well. My guess is that FPJ will try to steer clear away from the big groups because they a...
The info comes from a fan of the brand and not
Journe so let’s wait and see. In any event F.P. Journe was just a sharehlholder in his company, the biggest shareholder being a private Swiss businessman. Selling a stake to the owners of Chanel, seems like a good idea as the Wertheimer brothers seem to b...
there is a copy of the letter
that was sent to the employees floating around the internet... ...
Thank you
As I unfortunately don’t speak French, I’m hoping some kind soul here can translate the important bits, please. Thank you 🙏
Basically Journe indicates that since his children
will probably not take over he has decided to insure the future of the company by letting Chanel into the capital as it is a company that shares the same values
Thank you, Alex :-)
So pretty much what we guessed. I guess it is smart to do something while he is not too old and with his back against the wall and while the economy is still good.
I’m really glad
I purchased my CB and Vagabondage II/III before this happened. I have been a fan for about 3 years and love the brand, not that Chanel will hurt it by infusing money and help but I predict it will never be the “cool” company we love any longer...Jim
Jim - that’s EXACTLY how I feel too.
This Chanel deal is good for FPJ the man, and possibly for the continuation of the brand after he retires. BUT, the “romance” of the FPJ as a true artisan independent is a bit lost in my mind (silly - I know). Will be interesting to see if there will be a...
I honestly don’t see a reason for that
Selling only 20%. Doesn’t mean your not an artisanal independent Richard mille has AP owning 20% Same goes for GF with Richmont they own 20% They are both very successful and stronger than before even They maintain their ethos and philosophy
You are probably right, M!
But I recall hearing an interview with Kari Voutainen on a podcast (KeepingTime, I think), and what he said really resonated with me. He said (not a verbatim quote): “what I’ve always wanted as a watchmaker was to be independent. No partners, finance help...
I don't know Mohannad. Chanel haven't invested in FPJ without expectation of return.
Now that could be an expectation that they will receive a share of revenue equating to their ownership or that this 20% has bought Chanel some right to buy the entire company at a later point. Or something in between or something very different. No matter...
Interesting choice of partner for FPJ
I would have expected a different company but should still be good for Journe in the long run. - AT
It's a deal between friends, apparently.
The best source on this so far: thejourneguy.com Chanel's owners are friends of Mr. Journe, they are silent partners and receive no dividends, and the money from the sale is reinvested entirely. It is a deal very favorable for FPJ, almost not making s...
Chanel has put out some interesting watches...
particularly the J12 series and particularly the J12 Marine. I think these watches are underrated. A partnership between Chanel and F.P. Journe could produce some very interesting watches...
