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Chanel reports profit rise

French fashion house Chanel reported a 16.4% boost in net profits to $2.17bn (£1.72bn) in the year to 31 December, driven by strong growth across all product lines and regions. 

The brand launched by Coco Chanel in 1910 said it had a 12.5% rise in revenues to $11.12bn (£8.84bn).

Meanwhile, operating profit was $2.9bn (£2.31bn), up 8% compared to 2017.  

The privately owned firm, which is controlled by the Wertheimer family, had a 10.5% increase in sales to $11.1bn (£8.82bn). Asia-Pacific led the way with a 19.9% rise in annual sales, against a 7.8% rise in Europe and 7.4% in the Americas region.

It marks the second year Chanel has publicly disclosed its financial figures since it was founded. The decision to reveal its revenues last year followed what was described as a “lengthy debate” within the company.

Philippe Blondiaux, Chanel global chief financial officer, commented: “Chanel has had another strong year. Our successful collections and new product launches contributed to the growth of our business across all product lines.

“2018 was also a year of significant investment by the group as part of a strategic multi-year program to secure our supply chains, accelerate our digital transformation, and strengthen our social and environmental commitments.

“These investments and the commitment of our talented teams will secure the brand’s iconic status and its long-term development”.

Creative director for Chanel and Fendi Karl Lagerfield died in Paris earlier this year, aged 85.

 

 

 

 

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