The ambitions of the Hermès family have long surpassed silk scarves and Birkin bags. For Europe's wealthiest families, the challenge isn't creating wealth—it's preserving it.
According to Bloomberg's latest report, Hermès' family office, Krefeld, has quietly launched a new investment arm three years after its establishment, paving the way for acquisitions beyond the luxury giant Hermès. This signals greater ambitions and has drawn widespread industry attention.
Last week, the evaporation of Nicolas Puech's $15 billion fortune made headlines—a consequence of his prolonged distance from the family and over-reliance on financial managers, allowing trusted figures to quietly siphon his wealth. After successfully fending off LVMH CEO Bernard Arnault's hostile takeover in 2010, the Hermès family swiftly established the H51 holding structure in 2011 to restrict share sales and ensure control remained within the family. Notably, Nicolas Puech did not join.
Less known is how Hermès descendants gradually consolidated independent family offices and investment vehicles, culminating in the unified Krefeld in 2022. Named after the German town where founder Thierry Hermès was born, Krefeld is chaired by Matthieu Dumas, a family descendant, and only began full operations around 2024, maintaining the family's signature discretion. So far, Krefeld's disclosed investments are sparse, including French insurer Albingia and a co-investment with KKR in Anjac Health & Beauty—yet none in fashion.
Recent filings reveal Krefeld has set up Breithorn Holding, a standalone firm for fund and asset management, with Charles-Henri Chaliac, 49, its current head, doubling as CEO. Krefeld has also raised its maximum authorized capital to €1 billion.
This expansion stems from the family's ballooning wealth. Per Bloomberg Billionaires Index, over 100 Hermès heirs collectively hold a $186 billion net worth, ranking among Europe's richest families. Since 2019, Hermès has shattered records, hitting €15.2 billion in revenue last year. The family owns ~67% of Hermès International SA, earning €5.1 billion in dividends over four record years—fueling Krefeld's war chest.
Krefeld's growth also reinforces family cohesion. Shareholders must be direct descendants of Émile Maurice Hermès, centralizing wealth to prevent another Nicolas Puech scenario. This mirrors the family's self-protective holding structure, where proactive influence is now a defensive necessity.
France's ultra-wealthy families are increasingly public with their offices and funds, especially in luxury. Examples include L'Oréal heiress Françoise Bettencourt Meyers' Tethys, Chanel's Wertheimer family via Mousse Partners, and Bernard Arnault's Agache.
Chanel's family office recently underwent a leadership transition involving its $90 billion fortune. Arthur Heilbronn, 38, nephew of the owners, joined Mousse Partners' key holding board, succeeding late executive Michael Rena. Though not directly involved in Chanel's operations, his rising influence signals generational wealth and strategy shifts.
Chanel's Wertheimer family established Mousse in 1991 under Charles Heilbronn, half-brother to owners Alain and Gérard Wertheimer. Their mother, Eliane Heilbronn, was the matriarch; her first husband, Pierre Wertheimer, co-founded Chanel with Gabrielle "Coco" Chanel. Today, Alain and Gérard each own 50% of Chanel, with $45 billion fortunes apiece, weathering industry slumps better than peers.
Compared to Hermès' nascent office, 34-year-old Mousse Partners is among the world's most secretive and sizable. As Mousse Investments' arm, it employs 30+ professionals across New York, Beijing, and Hong Kong, investing in equities, real estate, credit, and secondaries—spanning mental health, biotech, food, and media. Fashion is conspicuously absent, though Mousse and L'Oréal's office jointly backed The Row in 2023, with Arthur Heilbronn joining its board.
Beyond Mousse, Chanel heirs' ventures are gaining traction. Fourth-gen David Wertheimer launched Luxembourg-based 1686 Partners in 2023, raising $110+ million. Unlike traditional family offices, 1686 leans into fashion—early bets include ski-wear brand Fusalp, pre-owned watch platform 1916 Company, and AI retail-tech firm Syrup.
David Wertheimer's strategy is avant-garde, targeting sustainable, disruptive lifestyle brands—resembling a "mini-LVMH." Recent additions: art collective MSCHF, performance-wear label SATISFY, inclusive beauty brand EADEM, eyewear maker AHLEM, K-pop agency THEBLACKLABEL, and Italian seafood chain Triple Sea Food.
In January, David An, ex-Sequoia Capital China consumer/ fashion investor, joined 1686 as investment head—hinting at globalization and Asian market ambitions. The firm's proactive PR (new website, social media in 2025) contrasts traditional family offices' discretion.
Unlike Mousse's conservative, long-term approach with generational wealth, 1686's external funding enables aggressive asset management, aligning with luxury's youth-driven, functional, and emotional trends.
Chanel and Hermès diverge sharply in governance. The Wertheimers stay behind the scenes, relying on executives, while Hermès insists on family leadership—Axel Dumas, sixth-gen CEO since 2014, grew revenue from €5.2 billion to €15.2 billion. Yet, succession looms: seventh-gen heirs remain shielded, their paths unclear—whether internal grooming or Chanel-style investing.
Axel Dumas has admitted he won't emulate predecessors working until death: "The biggest risk is clinging to your creations and resisting change. Fresh perspectives are vital."
LVMH, embroiled in succession battles, contrasts Hermès' centralized model with its multi-brand empire blending family and professional management. Through L Catterton and Agache, the Arnaults balance core business and diversified investments.
Hermès' single-brand purity ensures quality and cultural consistency, but as wealth grows, concentration risks demand more diversified, institutionalized management.
After luxury's decade-long boom, Hermès and Chanel face peak cycles—prompting their family offices' synchronized expansions.
Luxury's future rules will be rewritten by a younger, capital-savvy generation.
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