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The Chanel Group announced Monday, June 17, an increase in its turnover and its annual profits and reaffirmed its independence, saying that it was not for sale.
The French fashion house, known for its quilted and quilted bags and clothing, said its revenue in 2018 increased 13 percent to $ 11,120 million, while net profit rose 16 percent to $ 2,170 million. of dollars.
Strong demand from Chinese consumers has led to higher sales and profits in the luxury goods industry, despite a trade dispute between Washington and Beijing.
Chanel recorded growth in all of its markets last year, driven by the Asia-Pacific region where sales grew by 19.9%, compared with 7.8% in Europe and 7.4% in the region. . Americas.
The decision made by Chanel last year to publish its financial results for the first time since its founding in 1910 by Coco Chanel had sparked speculation on a sale, despite the constant refusals of the group.
Chief Financial Officer Philippe Blondiaux told Reuters that the company was not for sale and that an IPO was not planned.
"We have to live with the fact that we are one of the most sought-after brands on the market.Unfortunately, these rumors will continue to come back regularly," Blondiaux said.
"Chanel must remain independent in order to be able to make contrary decisions, such as ceasing to use exotic animal skins or harmonizing prices," he added.
The group is under pressure to show that it can reinvent itself after the death in February of its star designer Karl Lagerfeld. In May, Virginie Viard, Chanel's new designer, presented her first solo collection for the brand.
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