Chanel , now a days a privately held company, was found in 1910 by Coco Chanel in Paris, France. According to a report by Forbes magazine, Chanel is jointly owned by two people Alain Wertheimer and Gerard Wertheimer, who are descendants to the early Chanel partner Pierre Wertheimer. Chanel is famous for changing trends like replacing corsets with simple and elegant suits and dresses. She introduced Cardigans to the world in 1925. Another success to her name was the introduction of the “Chanel suit” which was made up of a knee length skirt and a boxy jacket etc. Woman belonging to elite class flocked to her boutique to commission their outfits from her. From that time, Chanel has been regarded as catering to the elite and wealthy because it combines elegance, artisanship, originality, and class to keep its quality at the highest level. Coco Chanel was regarded as the top most designer of the world until her death in 1971

After the success of her perfume Chanel 5, her fashion became well known throughout the world, and she was regarded as the top most designer of the world. She was rich and started living at “The Ritz” in Paris. The suite where she used to live has been named after her. The brand is nowadays headed by Karl Lagerfeld who also designs for Fendi. An interesting story related with the release of the perfume Chanel 5 was that a fortuneteller told Coco that her lucky number is five so she named her perfume five and released it on the fifth day of the fifth month of 1921. In 1955, Chanel launched which was to become one of the most popular brands in the world of perfumes “eau de toilette”. She retired in 1935, took sometime off, and closed her couture house, before coming back in 1954 and taking the world by storm. She was regarded as the *Most influential designer of the 20th century*.