Chanel S.A., commonly known as Chanel ' is a Parisian fashion house founded by the late couturier Coco Chanel, recognized as one of the most chic in haute couture. Specializing in luxury goods (haute couture, ready-to-wear, handbags, perfumery, and cosmetics among others), the Chanel label has become one of the most recognized names in the luxury and haute couture fashion industry. According to Forbes, the privately held House of Chanel is jointly owned by Alain Wertheimer and Gerard Wertheimer who are the grandsons of the early (1924) Chanel partner Pierre Wertheimer.