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Chanel Rivals Louis Vuitton After Posting Annual Earnings of $10 Billion


From its No. 5 perfume, to ready-to-wear collections and accessories, Chanel is notably one of the biggest brands in the luxury market. However, how much the company actually makes from global sales of has been kept a secret, until now.

According to Bloomberg, Chanel posted almost $10 billion dollars in sales last year, which reportedly rivals with Louis Vuitton.

With sales growth strong, and the company aiming to ramp up investment, the French fashion house said it disclosed the numbers partly to repel rumors it could be taken over. It ultimately fuels a race for bragging rights among the fashion industry’s biggest brands. Kering SA’s Gucci said it aims to lift revenue to $11.6 billion from 6.2 billion last year, and with a 45 percent sales increase last year, Gucci pulled ahead of Hermès.

Chanel recorded a net profit of $1.8 billion last year on a revenue of $9.6 billion, and sales rose 11 percent on a constant-currency basis as the industry benefited from Asian demand.

For the full story, head on over to Bloomberg.

In other style news, Kid Cudi, Playboi Carti, Blondey McCoy, and more walk in Virgil Abloh’s Louis Vuitton debut.

 



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