THE WHAT? Having moved its headquarters from New York to London, Chanel is expanding its presence in the UK capital, according to a report published by Bloomberg. The French luxury fashion brand has signed a 20-year lease for a Mayfair building with an option to extend.
THE DETAILS Chanel’s London employees will make the move to the new space, which spans 86,000 square feet, in 2025.
THE WHY? With its headcount growing 12 percent last year and plans to expand the team by another 16 percent in 2023, Chanel is in need of a larger space. Chanel’s confidence in London stands in contrast to its competitors. Homegrown Burberry has criticised the government’s decision to scrap tax-free shopping.