Chanel Reveals It Made $11 Billion USD in Karl Lagerfeld's Final Year
The brand also dismissed any rumors that it’s up for sale.
Chanel isn’t one to reveal its profits to the public; in fact in its 109-year history, the luxury house has published its sales reports only twice. According to Rappler, Chanel raked in $11 billion USD in 2018, which was sadly the late Karl Lagerfeld‘s final year at the helm of the French brand. This is reported to be an increase of around 10% and profits rose to around $3 billion USD.
The increase has been attributed to many things, notably Chanel’s focus on building its digital presence and the ongoing success of its fragrance and beauty divisions. There have recently been rumors regarding the sale of the privately-held company, all which have been dismissed by the brand. Despite this, the future of Chanel under Virginie Viard seems pretty secure – its currently valued at over $20 billion USD.
In related news, did you hear a memorial event for Karl Lagerfeld is to be held at Paris’ Grand Palais tomorrow during Paris Fashion Week Men’s?