Iconic fashion house Chanel has unveiled it’s earnings for the first time ever since its inception more than 100 years back. The biggest brand in the global luxury business has reported an impressive revenue and profit of $9.62 billion and $1.8 billion respectively.
“The company has released its financial figures not to get listed in the stock market, but because it wanted to show the world how amazingly it is performing,” Chanel Chief Financial Officer Philippe Blondiaux shared with media.
The brand initially used to make hats, and later forayed into women sportswear in 1910. It was 1921 when Chanel started offering perfumes. The privately-owned company is known for its tweed suits, cushioned handbags and No5 perfumes.
Chanel is also planning to undergo a major corporate restructuring for the first time since the 1950s.
Founded by Gabrielle ‘Coco’ Chanel, the company is owned by billionaire brothers Alain and Gérard Wertheimer while Karl Lagerfeld is its creative director.