Chanel has disclosed an unprecedented amount of financial information in order to dispel takeover rumors, according to a report published by Bloomberg.
The luxury fashion label reported sales of US$9.6 billion in 2017, up 11 percent in constant currency terms on the year before and placing the brand second only to Louis Vuitton in its heft. Net profit came in at US$1.8 billion. Based on the results, owners Alain and Gerard Wertheimer boasts fortunes estimated at US$23 billion a piece, says Bloomberg – placing them on the top 40 wealthiest people worldwide, and in the top 5 in France.
“Our financial strength gives us the means to remain independent and to focus on the long term,” said Chief Financial Officer Philippe Blondiaux in a statement, per Bloomberg.