Fashion brand Chanel has released its profit figures for the first time in its 108-year history.
Chanel saw an 18% rise in profit on last year, rising to £1.35bn and sales up by 11% to £7.5bn on the previous year.
The brand, known for its luxury jackets, perfumes and handbags says it has revealed its figures to show its strength. Rivals LVMH and Hermes all have to release their figures regularly as part of being listed on the stock market. Chanel however has never been listed and says the release of the figures does not mean it plans to.
Chanel chief financial officer, Philippe Blondiaux, said: “It’s exactly the opposite, this financial statement shows that we are amazingly solid financially and we can keep our status as a private, independent company for the next few centuries.
“Instead of having others report, we’ve decided to put the facts on the table about who we are.”