Chanel is known to be a very exclusive brand when it comes to business. Even inside the fashion industry, very few have heard of Chanel’s only shareholders, the Wertheimer family, grandchildren of Pierre Wertheimer, Coco Chanel’s early business partner. Privately held Chanel is different, from other luxury brands. Chanel doesn’t announce their business strategies, appear in industry conferences, or report their performance figures publicly. Nobody outside the company knows exactly how big the Chanel business is. The fragrance and beauty business single-handedly has been estimated to turn over more than $1 billion a year, powered by the world’s first and most famous modern fragrance, Chanel No. 5. In terms of business marketing, which is the marketing of good and services to individuals and organizations for purposes other than personal consumption. Chanel is clearly for personal consumption, the company is not a business market, making the brand a consumer market. As being a consumer market the company's buying and purchasing is approached in a more professional and personal manner.