Chanel family receive US$5 billion in dividends after storming fiscal 2021

Chanel family receive US$5 billion in dividends after storming fiscal 2021

THE WHAT? Owners of Chanel, the Wertheimer family received some US$5 billion in dividends last year as the luxury label recorded record-breaking sales, according to a report published by Bloomberg.

THE DETAILS The Wertheimer family’s holding company is said to have received two payouts of US$2.5 billion a piece, per Bloomberg. The biggest annual payout since public records began.

Chanel saw revenues rise 49.6 percent in 2021 versus the prior year, hitting US$15,6 billion, while operating profit increased 170.6 percent on 2020 figures, up 57.5 percent compared to 2019 levels.

THE WHY? The fashion and beauty brand recorded record profit levels in 2021 as demand for luxury products soared, beating pre-pandemic figures. As Philippe Blondiaux, Global CFO, said in a statement, “Despite the challenging backdrop in 2021, our results highlighted remarkable customer demand particularly from our local client base, driven by the dedication and creativity of our teams to bring our clients’ dreams to life through unique experiences.”

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