Billionaire L’Oreal heiress, Chanel owners buy stake in Olsens’ fashion brand
The family behind luxury brand Chanel and the billionaire heiress of L’Oreal have bought a stake in the fashion label The Row, founded by the Olsen sisters.
The Wertheimer brothers, via their family office Mousse Partners, and Francoise Bettencourt Meyers’ family vehicle, Tethys Invest, have bought a minority stake in the fashion brand, according to people familiar with the situation, who asked not to be named discussing matters that aren’t public.
Imaginary Ventures, co-founded by fashion entrepreneur Natalie Massenet, and Saint Dominique Capital, a fund backed by businesswoman Lauren Santo Domingo, are also investing in the label, people familiar with the matter said. The Olsen sisters will remain The Row’s majority shareholders. The transactions value the company at about $1 billion, the people said.
Representatives for Mousse, Tethys, The Row, Imaginary Ventures and Saint Dominique declined to comment.
The Row was started in 2006 by sisters Mary-Kate and Ashley Olsen, who shot to fame as child actresses in the late 1980s in the sitcom Full House. Their label has established itself as a respected quiet luxury player and presents its collections during Paris fashion weeks. It offers leather handbags like the Margaux, which can cost about $7,000.
Last year, Mousse, the firm headed by Alain and Gerard Wertheimer’s half-brother Charles Heilbronn was among a trio of France’s wealthiest dynasties to help take private Rothschild & Co. investment bank.
The family office behind Chanel has also invested in a wide range of startups including Brightside Health, digital advertising firm Brandtech Group, biotechnology company Evolved by Nature and health-care provider Thirty Madison. The fortunes of Alain and Gerard Wertheimer are estimated at around $43 billion each by the Bloomberg Billionaires Index.
The Bettencourt Meyers family’s Tethys has invested notably in French fashion label Sezane as well as Ceva Sante, which makes pharmaceutical products and vaccines for livestock and pets. Bettencourt Meyers derives her fortune from her controlling stake in L’Oreal SA. Europe’s richest woman and her family own 34.73% of the share capital of the beauty giant. Her fortune is estimated at around $84 billion.
Imaginary Ventures was founded in 2017 by Massenet, best known for launching luxury e-commerce site Net-a-Porter, and Nick Brown. Its aim is to “back the most exciting businesses across the consumer landscape,” according to its website. Saint Dominique’s Santo Domingo is a co-founder of Moda Operandi, an online luxury fashion retailer.
The Row made headlines earlier this year when it asked guests not to use phones at its fashion show, which meant attendants couldn’t post about it instantly on social media as they normally do. The move was seen as giving the event an aura of exclusivity. Its upcoming spring/summer collection will be unveiled on Sept. 25 in Paris.
(Updates with another investor’s backing in third paragraph)
