Comments:

Journe SA officially sold 20% ownership to CHANEL

 
 By: Walter2 : September 14th, 2018-09:52
Good deal !



Well it was only a question of time, but interesting that it’s Chanel

 
 By: Velociphile - No longer in the building : September 14th, 2018-10:10
And not Richemont 🤣

I think Chanel matching better than Richemont, Chanel is Paris and Journe is from Paris. [nt]

 
 By: Walter2 : September 14th, 2018-10:38
No message body

Is this being read as a total sale of the company? Is FPJ no longer an independant?

 
 By: Spangles - Mr. Tabby : September 14th, 2018-10:45
I believe AP owns the same % of Richard Mille.

First 20% and option of the rest, in five years they have 100%. Congratulations to FPJ, well done!

 
 By: Walter2 : September 14th, 2018-10:58
RM - RP and RP - AP wink)

Ah, yes. I was so sure FPJ would never do this

 
 By: Spangles - Mr. Tabby : September 14th, 2018-11:33
I'm a little sad about it.

Is the option to buy 100% speculation on your part or are you confirming? Thank you...this is very interesting. [nt]

 
 By: Tavio_George : September 14th, 2018-11:59
No message body

Speculation, but why it should be different now, we know this from other companys and deals. [nt]

 
 By: Walter2 : September 14th, 2018-12:51
No message body

No, I'm totally in disagreement with this statement. [nt]

 
 By: foversta : September 14th, 2018-13:27
No message body

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.

 
 By: Walter2 : September 14th, 2018-15:22
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.

Journe is from Marseille (yes he made his first steps in Paris) but this agreement is not a Paris story. [nt]

 
 By: foversta : September 14th, 2018-13:26
No message body

+++1. and tell to a guy from Marseille he is from Paris... He may not be very happy with that! :)))) [nt]

 
 By: amanico : September 14th, 2018-13:27
No message body

ah ah no but hopefully he doesn't care about football [nt]

 
 By: foversta : September 14th, 2018-13:33
No message body

;) [nt]

 
 By: amanico : September 14th, 2018-13:42
No message body

Kind of like NY and NJ.

 
 By: DruidPadj : September 14th, 2018-14:20
Never say to a guy from Jersey "oh, you're from New York?"

:) [nt]

 
 By: amanico : September 14th, 2018-17:24
No message body

Anyhow, FP Journe never owned 100% of the company to start with, Journe SA did....again one of these myths [nt]

 
 By: dedestexhes : September 14th, 2018-11:38
No message body

A group of collectors/friends or his financed the brand. No? [nt]

 
 By: Spangles - Mr. Tabby : September 14th, 2018-11:42
No message body

kind of, also a very well known watch shop in Belgium [nt]

 
 By: dedestexhes : September 14th, 2018-12:18
No message body

?

 
 By: PalmSprings : September 20th, 2018-13:49
Which shop? From Antwerp? Then I know enough.

Ginotti [nt]

 
 By: dedestexhes : September 20th, 2018-18:48
No message body

....... and they make cash now. It is a investment, no more. [nt]

 
 By: Walter2 : September 14th, 2018-12:54
No message body

Let see how this will affect the current hot CB. [nt]

 
 By: I_am_Clueless : September 14th, 2018-12:50
No message body

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

 
 By: ChristianDK : September 14th, 2018-13:09
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




Well said, Christian! [nt]

 
 By: Ornatus-Mundi : September 14th, 2018-13:13
No message body

Thank you, Magnus. Your opinion means a lot to me!!!! I hope for a bright future for this brand... [nt]

 
 By: ChristianDK : September 14th, 2018-13:31
No message body

These are the questions which are valid for many brands. Independents, of course, but not only. Good or bad, future will tell.Maybe this is the only way to not... Die. [nt]

 
 By: amanico : September 14th, 2018-13:22
No message body

So very, very true, dear friend. I think we sometimes forget that the horological world is - in relative terms - small, esoteric and very fragile.

 
 By: ChristianDK : September 14th, 2018-13:40
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.

 
 By: Jay (Eire) : September 14th, 2018-14:11
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 brings potential uncertainties and 2) there have been persistent rumors of Chanel being a target, specifically for LVMH, in the last year or two and that is something which surely could change the future for FPJ also.
I don't know if this deal brings long term assurance or just actually adds uncertainty.
Another question, who sold the 20% to Chanel? FP himself or other parties?
We need an Invesmtent Banker covering Luxury Goods to weigh in here. Any Purists wish to reveal their dark side?

thank you, Jay...

 
 By: ChristianDK : September 14th, 2018-14:21
.....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 know., after the fact, I am afraid... 
Load More Comments >>