Reinventing Chanel
The legendary Paris fashion house Chanel entered a long decline after the death of founder Coco Chanel in 1971. But Lagerfeld, who became chief designer in 1983, has restored Chanel's luster -- and then some. As with the dress shown here, from Chanel's most recent Paris runway show, Lagerfeld has updated Chanel's image while retaining the classic lines and details, such as the pockets and buttons, that evoke Coco Chanel's fashion sense. Chanel is privately held, and analysts think sales top $4 billion a year. Clearly, it's not hurting for cash: Last year it signed Nicole Kidman -- a fan of Lagerfeld haute couture -- to a multimillion contract to promote Chanel No. 5 perfume.