You probably would have guessed that the iconic French fashion house Chanel isn’t struggling for cash.
I mean they don’t exactly do things on a budget, have you seen their over-the-top runway shows and celeb filled ad campaigns?
But until recently no one could be sure this was the case, as in the brand’s 108-year brand history they have never revealed their earnings.
However, this week, for the first time, Chanel released its annual earning report to the public, revealing it garnered a cool $9.62 billion in sales last year.
With nearly $10 billion in sales from 2017 alone, Chanel earns more than many of its rival luxury fashion houses like Gucci, which earned $7.1 billion in 2017, and possibly even Louis Vuitton, which is estimated to bring in between $9.28 and $11.6 billion per year.
It also was reported that Chanel’s sales for 2017 were up 11% from the previous year.
The report also revealed just how much the fashion house spent on the OTT fashion shows and international custom events last year. An $1.46 billion.
Well there was literally a cruise ship on the runway last season, we guessed that set them back a pretty penny.
While the brand’s decision to release its earnings for the first time ever could indicate it was perhaps interested in selling, Philippe Blondiaux, Chanel’s chief financial officer, shut down that gossip.
“We are not for sale, and absolutely nothing will change that. We realized it was time to put the facts on the table as to exactly who we are: a $10 billion dollar company with very strong financials, plus all the means and ammunition at our disposal to remain independent,” Blondiaux said in a statement to the Times.
Boom. Mic drop. That’s one way to shut up the rumour mill.