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21 June 2018 By Carol Ryan

The private luxury brand opened its books for the first time to reveal larger-than-expected sales of $9.6 billion and a plush 28 percent operating margin. The display nixes fears the Parisian label is flagging. Claims it is not preparing for an IPO or sale are less convincing.

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French luxury brand Chanel on June 21 released its full financial statements for the first time.

The privately-owned company reported revenue of $9.6 billion in 2017, an increase of 11.5 percent compared with 2016, and an operating margin of 28 percent. Net debt was just $18 million.

The label also announced that it has simplified its corporate structure, creating a single holding company that is incorporated in the United Kingdom.

Alain and Gerard Wertheimer, the brothers who own Chanel, resigned from the company’s board on 18 and 19 Dec. respectively.

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