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Chanel reveals for 1st time it's a $10 bn company
29
Jun '18
Courtesy: Chanel
Courtesy: Chanel
French high fashion brand Chanel is a $10 billion company with very strong financials, according to its annual results released recently for the first time in its 108-year history. Sales growth is strong and the company is ramping up investment. The company also announced a reorganisation that will bring all its various companies under one roof.

The numbers show Chanel is among the largest luxury brands in the world by revenues, outpacing rivals like Gucci and neck and neck with Louis Vuitton, according to global newswire reports.

The company’s revenues from sales of its No. 5 perfume, ready-to-wear collections and array of accessories have been a closely guarded secret until now.

Chanel was founded by Coco Chanel, an aspiring actress and seamstress, with the opening of a small millinery boutique in Paris in 1910.

The French fashion house said it had opened up its books to show that it had the size, and the willingness, to fend off any acquisition attempt.

Its total sales in calendar year 2017 were worth $9.62 billion, up 11 per cent compared to the previous year on a constant-currency basis, while operating profit was $2.69 billion. (DS)

Fibre2Fashion News Desk – India


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