Monday, 25 June 2018

Chanel Just Revealed That It Is A £7.5 Billion Company.

The French fashion house has released its earnings for the first time ever.

For the first time in its history, Chanel has released its yearly earnings. And, in doing so, the 108-year-old French fashion house revealed that it is now a $10 billion company.

Although it has always been widely presumed that Chanel is one of the biggest luxury brands in the world, this is the first time we have seen proof of how much it really does take in annually.

Chanel reported revenues of $9.6 billion (about £7.23 billion) in 2017 with 11 per cent organic growth, meaning that the company has produced an operating profit of almost $2.7 billion (about £2 billion).

"The report was put together to emphasise the strength of our balance sheet," chief financial officer Philippe Blondiaux said in a press release." We are a $10 billion dollar company, we have 11 per cent organic growth. We have no debt. We have $1.6 billion cash. All this is important. It provides us the ammunition to remain who we are: private and independent."

Full story at Elle.
By Amy De Klerk.

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