Chanel rejects talk of sale as revenue tops $11 bill - leatherbiz: Lea Leatherbiz

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Chanel rejects talk of sale as revenue tops $11 billion

18/06/2019
The chief financial officer of Chanel, Philippe Blondiaux, has rejected suggestions that the luxury brand is considering a sale to a rival group, insisting it is committed to remaining independent.

He made the comments after the brand reported revenue of more than $11.1 billion in 2018, an increase of 13% compared to the previous year. This is only the second time Chanel has made public its financial results in over 100 years.

Its net profit last year was nearly $2.2 billion, up 16% year-on-year.

Mr Blondiaux told Reuters that the brand is planning neither a sale nor an initial public offering (IPO).

He added: “We’ve got to live with the fact that we are one of the most desirable brands in the market. These rumours will unfortunately keep coming back on a regular basis. Chanel needs to remain independent, in order to have the freedom to make choices that go against the grain, such as no longer using exotic animal skins, or by harmonising prices.”

French luxury group LVMH has been touted as the most likely suitor for Chanel.

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