French fashion house Chanel has revealed it brought in close to $10bn (£7.54bn) in revenues in 2017, after publicly disclosing its financial figures for the first time.
The secretive brand launched by Coco Chanel in 1910 reported profits of $1.8bn (£1.35bn) last year, on sales of $9.6bn (£7.24bn).
The privately held firm, which is controlled by the Wertheimer family, saw sales rise by 11% on a constant-currency basis in 2017, mostly driven by Asian demand. The decision to reveal its revenues followed what was described as a “lengthy debate” within the company.
Chanel’s CFO Philippe Blondaiux said in a statement: “Our financial strength gives us the means to remain independent and to focus on the long term”.