David Wertheimer, the son of one of Chanel’s billionaire owners, has embarked on a significant new venture with the launch of his private equity firm, 1686 Partners.
It is stated that founded last year and based in Luxembourg, 1686 Partners has successfully raised over US$110 million to invest in the burgeoning sectors of fashion, cosmetics, and lifestyle products. The firm is poised to support innovative companies within these industries, with a particular focus on jewelry, gourmet food, ready-to-wear, and fragrances.
To build a robust foundation for 1686 Partners, Wertheimer has assembled a team of seasoned professionals. Andreas Ernst, previously associated with Skopos Impact Fund, joins as a partner, bringing a wealth of experience in impact investing. Jonathan Farrugia steps in as the Private Equity Investment Director, while Julien Erbrech takes on the role of Operations Manager. Additionally, Jeremie Lotti will lead partnership and strategy efforts.
The team will operate from Europe and Asia, reflecting the firm’s international ambitions, with further details about their operations to be disclosed later this year.
According to Chanel’s latest financial results disclosed in 2023, total revenues reached $19.7 billion last year, up 16% year-on-year, with double-digit growth across all categories. While specific divisional results were not disclosed, Chanel emphasized the stellar performance of its fragrance and beauty division, which saw significant growth across all categories.
