Chanel has posted its financial figures for the first time in its 118-year history, revealing a double-digit sales rise for the past year.

The iconic luxury fashion brand saw sales jump 11 per cent year-on-year in 2017 to $9.62 billion (£7.24 billion).

Operating profits came in at $2.69 billion (£2 billion), driven by huge growth in the Asia-Pacific markets, which saw sales rise 16.5 per cent.

Its decision to reveal the once closely-guarded financial figures was made in order to “let the strength of our balance sheet speak for itself”.

It is widely thought to be a reaction to speculation that it could be taken over, and reveals that Chanel still poses a serious threat to rivals like Louis Vuitton and Gucci.

“This financial statement shows that we are amazingly solid financially and we can keep our status as a private, independent company for the next few centuries,” chief financial officer Philippe Blondiaux told Reuters.

“Instead of having others report, we’ve decided to put the facts on the table about who we are.

“We recognize that we are often a subject of much speculation and that people don’t have facts to hand, leading to the circulation of false or misleading information.”

Click here to sign up to Retail Gazette‘s free daily email newsletter