Chanel owners, L’Oreal heir said to invest in Olsens’ The Row

The family behind luxury brand Chanel and the billionaire heiress of L’Oreal have bought a stake in the fashionThe Row, founded by the Olsen twins.

The Wertheimer brothers, via their family office Mousse Partners, and Francoise Bettencourt Meyers’ family vehicle, Tethys Invest, have bought a minority stake in the fashion brand, according to people familiar with the situation, who asked not to be named discussing matters that aren’t public. Other investors are also likely to join the deal, which values The Row at about $1 billion, the people said.

Mousse, Tethys and The Row declined to comment.

The Row was started in 2006 by sisters Mary-Kate and Ashley Olsen, who shot to fame as child actresses in the late 1980s in the sitcom Full House. Their label has established itself as a respected quiet luxury player and presents its collections during Paris fashion weeks. It offers leather handbags like the Margaux, which can cost about $7,000.

Last year, Mousse, the firm headed by Alain and Gerard Wertheimer’s half-brother Charles Heilbronn was among a trio of France’s wealthiest dynasties to help take private Rothschild & Co. investment bank. The family office behind Chanel has also invested in a wide range of startups including Brightside Health, digital advertising firm Brandtech Group, biotechnology company Evolved by Nature and health-care provider Thirty Madison. The fortunes of Alain and Gerard Wertheimer are estimated at around $43 billion each by the Bloomberg Billionaires Index.

The Bettencourt Meyers family’s Tethys has invested notably in French fashion label Sezane as well as Ceva Sante, which makes pharmaceutical products and vaccines for livestock and pets. Bettencourt Meyers derives her fortune from her controlling stake in L’Oreal SA. Europe’s richest woman and her family own 34.73% of the share capital of the beauty giant. Her fortune is estimated at around $84 billion. Bettencourt Meyers’ son Jean-Victor has been seen lately at Paris fashion week shows, mingling with personalities like Carine Roitfeld, who was editor-in-chief for the French version of Vogue for many years.