Never gonna happen: Chanel announces results and rubbishes sale rumors

Never gonna happen: Chanel announces results and rubbishes sale rumors

Chanel has categorically denied that it is considering a sale with CFO Philippe Blondiaux stating that ‘it will never happen’, according to a report published by WWD. Instead, investment in creativity is the priority, the top-ranking executive revealed.

“I think it will never happen, that’s the best that I can say, whether it’s a sale or an IPO. I think being private and independent is a core part of our model and it’s a condition of our success,” Blondiaux told WWD.

“The story is about investment for the long-term, it’s about keeping our status as one of the most desirable brands in the world.”

The French luxury apparel and beauty house reported revenues of US$11.12 billion for 2018, up 10.5 percent thanks to strong growth in the Asia Pacific region, although growth in Europe and the US was hardly shabby at plus 7.8 percent and 7.4 percent respectively.

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