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Chanel made £9 billion in Lagerfeld’s final year at the fashion house

18/06/2019

French label Chanel made $11 billion (about £8.7 billion) it its final year under the late designer Karl Lagerfeld.

The notoriously private brand made the announcement yesterday – only the second time in its 109-year history that it has publicly reported sales results.

Chanel, owned by the Wertheimer family, said that sales rose more than 10 per cent last year, according to Rappler.

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It’s widely regarded as one of the richest and most stable fashion brands in the world, with a worth in excess of $20 billion (about £16 billion).

Chanel’s recent push on its digital presence, its pledge to stop using exotic animal skins and its best-selling beauty products have all been significant contributors to the label’s high worth.

The inimitable Lagerfeld worked for the brand right up until his death and “achieved double-digit growth with great performances in leather good and ready-to-wear”, said the label. He died in February this year in Paris aged 85.

Virginie Viard, Chanel’s studio director and Lagerfeld’s right-hand woman, was named his successor as creative director.

 

From Harper’s Bazaar UK

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