Karl Lagerfeld Net Worth: One of Fashion's Greatest Designers Made Chanel Relevant Again

Karl Lagerfeld, the legendary German fashion designer and creative head of luxury brand Chanel, has died at the age of 85, the company said.

According to Closer magazine, Lagerfeld passed away on Tuesday morning at the American Hospital of Paris where he was admitted on Monday.

His cause of death is currently unknown; however, he had reportedly been feeling unwell for several weeks, causing him to miss a number of fashion shows—unusual for a man with a legendary work ethic.

As well as being creative director for Chanel—where he started in 1983—he also held the same role at luxury Italian fur and leather goods brand Fendi, as well as working for several other notable companies, such as Diesel. He also set up his own eponymous fashion brand in 1984.

Over the course of his illustrious career, Lagerfeld amassed a small fortune. Celebritynetworth.com estimates the designer's net worth at $200 million, while wealthrecord.com places this figure at around $250 million.

However, Lagerfeld did not rank among the top 10 richest fashion designers, according to celbritynetworth.com. That list includes such luminaries as Miuccia Prada, Giorgio Armani and Ralph Lauren, who are all estimated to have multibillion dollar fortunes.

Lagerfeld is often credited with playing a hugely influential role in Chanel's rise to becoming one of the world's leading fashion houses after the death of its founder, Coco Chanel, in 1971.

In fact, the company now ranks as the second most valuable fashion brand ($20 billion) after market leader Louis Vuitton ($28.6 billion) according to global consultancy Interbrand.

Lagerfeld was known for being an incredibly hard worker who was uncompromising in his approach, as well as a very outspoken character—hence why he was often referred to as "Kaiser Karl" in fashion circles.

For example, he once publicly called French President Francois Hollande an "imbecile," and on another occasion said that Pippa Middleton, the sister of the Duchess of Cambridge, should "only show her back," because he didn't like her face.

However, those who knew him say he did have a softer side and he was known to be very kind to his staff at Chanel, the Associated Press reported.

Lagerfeld's iconic personal style—consisting of his trademark white ponytail, black leather gloves, dark sunglasses, and black suits—became almost as famous as the designs he created.

 Karl Lagerfeld
German fashion designer Karl Lagerfeld looks on after launching the Champs Elysees Christmas lights, on November 22, in Paris. ALAIN JOCARD/AFP/Getty Images
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