Chanel sales reach £8bn as brand set to remain private

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Chanel
// Chanel CFO: “Chanel will remain private and independent for the next few generations”
// Chanel full year sales rise 10.5% at constant currencies to £8.81bn

Chanel chief financial officer Philippe Blondiaux has said the French luxury brand will remain “private and independent for the next few generations” after sales reached $11.1 billion (£8.81 billion).

Blondiaux spoke to Financial Times to address speculations over a change in ownership for Chanel since creative director Karl Lagerfeld died in February.

Chanel’s sales for the full year have risen by 10.5 per cent at constant currencies to $11.1 billion (£8.81 billion).

Meanwhile, revenues in the Asia-Pacific region were 19.9 per cent higher than the year before, ahead of Europe (7.8 per cent) and the Americas (7.4 per cent).

Chanel also recorded an operating profit of almost $3 billion (£2.38 billion), an increase of eight per cent on the previous year, thanks to strong growth across all of its product lines.

“Chanel has maintained strong financial ratios, high levels of profitability and a conservative balance sheet,” Blondiaux said.

“A big part of our success is the fact that we’re private and independent. We have no plans to change that . . . Chanel will remain independent and private for the next few generations.”

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