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.
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