Karl Lagerfeld was a fashion icon who was known for his creative vision and impeccable taste. He was also one of the wealthiest fashion designers in the world, with an estimated net worth of $200 million at the time of his death in 2019. In this blog, we’ll take a closer look at how Karl Lagerfeld got rich.
- Early Career
Karl Lagerfeld got his start in the fashion industry in the 1950s, working as an assistant to Pierre Balmain. He later worked for other fashion houses, including Jean Patou and Chloe, before landing a job at Fendi in the 1960s. It was during this time that Lagerfeld began to make a name for himself as a designer and to establish his personal brand.
One of the key factors in Karl Lagerfeld’s wealth was his long association with Chanel. Lagerfeld was hired as the creative director of the fashion house in 1983, and he remained in that position until his death in 2019. During his tenure at Chanel, Lagerfeld revitalized the brand, introducing new designs and products that appealed to a younger, more modern audience. He also oversaw the growth of the brand into a global powerhouse, with stores and boutiques around the world.
- Collaboration and Licensing Deals
In addition to his work at Chanel, Karl Lagerfeld also had a number of successful collaborations and licensing deals. He worked with a variety of brands and companies to create limited edition collections, including H&M, Puma, and Coca-Cola. He also launched his own fragrance line, as well as a line of fashion accessories and clothing.
- Real Estate Investments
Another factor in Karl Lagerfeld’s wealth was his shrewd real estate investments. Lagerfeld owned a number of properties, including a large apartment in Paris and a villa in Biarritz, France. He also owned a number of properties in Germany and Italy.
- Personal Brand
Finally, one of the key factors in Karl Lagerfeld’s wealth was his personal brand. Lagerfeld was known for his distinctive look, which included dark sunglasses, high collars, and fingerless gloves. He was also known for his sharp wit and his ability to create buzz around his brand. His personal brand helped to establish him as a fashion icon and to increase the value of his collaborations and licensing deals.
In conclusion, Karl Lagerfeld’s wealth was the result of a combination of factors, including his early career, his long association with Chanel, his collaborations and licensing deals, his real estate investments, and his personal brand. Together, these factors helped to establish Lagerfeld as one of the wealthiest and most influential fashion designers of his generation.