The Powerhouse of Fashion who Revived the Chanel Brand: Karl Lagerfeld's Legacy and Net Worth

What was Karl Lagerfeld's net worth?

Identified by his signature formal jacket and sunglasses, the iconic German fashion designer and photographer who famously revived the Chanel brand, Karl Lagerfeld had earned a $300 million net worth by the time he passed away at the age of 85. Although his own clothing line never turned into a major brand, Lagerfeld raked in cash by creating designs for others. His biggest revenue-generating ventures were his long-lasting partnerships with Chanel and Fendi.

What were Karl Lagerfeld's sources of income?

From 1965 until he passed away, Lagerfeld was the creative director for Fendi, and from 1983 until his death, he held the same position at Chanel. Thanks to lifetime contracts with both brands, he was said to be making at least $50 million every year.

Lagerfeld earned a reputation as one of the busiest and most influential fashion designers of the 20th and 21st centuries. Even in his final years, he maintained a hectic lifestyle, creating over a dozen collections each year. In 1984, he went on to launch his own fashion label, Karl Lagerfeld. Besides his work in fashion, he was also a published photographer.

Lagerfeld made his way to Paris when he was just 14, and within two years, he entered a design competition by the International Wool Secretariat. Not only did he win in the coat category, but he also struck up a friendship with Yves Saint Laurent, who won in the dress category. Lagerfeld then became a junior assistant to Pierre Balmain and later turned into his apprentice, before taking on the role of artistic director for Jean Patou.

In 1964, Lagerfeld headed to Rome to work for Tiziani and to study art history. Soon after, he started freelancing for notable brands like Chloé and Valentino. Fendi brought him on board in 1967 to modernize their fur line, and this laid the foundation for his life-long association with the brand.

Chanel welcomed Lagerfeld in the early '80s, a decade after Coco Chanel's passing, and he played a pivotal role in revitalizing the company and giving a fresh look to Chanel's ready-to-wear line.

Lagerfeld Gallery

In 2002, Lagerfeld collaborated with Renzo Rosso, the founder of Diesel, on a denim collection for the Lagerfeld Gallery. The collection, named Lagerfeld Gallery by Diesel, featured five limited edition pieces. These exclusive items were sold at Lagerfeld Galleries in Monaco and Paris, as well as Diesel Denim Galleries in Tokyo and New York. In New York, 90% of the jeans, priced between $240 and $1,840, flew off the racks within the first week.

Personal life

For 18 years, Lagerfeld was close to French aristocrat Jacques de Bascher. He once said that although he liked Bascher, they weren't physically intimate, but the latter's charm got to Lagerfeld. Bascher passed away in the late '80s from AIDS, and Lagerfeld stayed by his side in the hospital till the end.

In January 2019, Lagerfeld's health concerns emerged as he missed Chanel's Paris show. He was admitted to the American Hospital of Paris on February 18th due to pancreatic cancer, and passed away the next day. Before his death, Lagerfeld expressed a wish for cremation, asking to mix his ashes with his mother's and, if she passed first, Choupette's. Choupette, alive and well, is a beneficiary of his will. A celebration of his life, "Karl For Ever," took place on June 20, 2019, at the Grand Palais in Paris, attracting 2,500 attendees.

Lagerfeld's estate

The late designer's will revealed six beneficiaries, including Choupette, but a June 2020, it was reported that none had received their allotted funds. Lagerfeld appointed his accountant, Lucien Frydlender, to oversee the estate. However, Frydlender closed his practice in September 2019, allegedly due to illness, and refused to communicate with Lagerfeld's beneficiaries. The estate encompasses valuable properties, such as an 18th-century nine-bedroom apartment in Paris, homes in Vermont and Biarritz, France, and a Monaco apartment. In March 2021, it was disclosed that Sotheby's would auction off some of Lagerfeld's possessions in Monaco.

FAQs

What is Karl Lagerfeld best known for?

Karl Lagerfeld, German fashion designer and photographer best known as the creative power behind the modern revival of Chanel. 

Who inherited Karl Lagerfeld's fortune?

Giabiconi and Caçote, as well as Lagerfeld's friend and assistant Sébastien Jondeau, the head of the Karl Lagerfeld brand Caroline Lebar, and his godson Hudson Kroenig are all allegedly included in his will.