Connect with us

Hi, what are you looking for?

Stocks

Chanel Discloses Earnings For The First Time

The luxury fashion house, Chanel, just released their yearly earning report for the first time in 108 years, giving the other luxury brands a determination of their competition’s profits.

Chanel reports that they earned $9.62 billion in 2017 alone, an 11 percent increase from the previous year. The fashion house is know for their exclusive and elaborate fashion shows that cost the company $1.46 billion for last year’s runway shows.

The chief financial officer of Chanel indicates why they released their earnings to show their strength in financial planning and do not plan on selling anytime soon.

Chanel’s profits are higher than Gucci and nearly matches the profits from Louis Vuitton. Gucci earned $7.1 billion in their annual profits, while Louis Vuitton’s yearly profits range from $9.28 to $11.6 billion annually.

Chanel International B.V. was founded in 1979, using managament of funds through trusts and foundations. This company is private and offer no stock option, showing that they are financially secure. Check out the video above for more on the Chanel empire.

You May Also Like

News

In the past year, Peloton, manufacturers of stationary exercise bicycles and treadmills, has been experiencing some severe financial difficulties. The company went through a...

News

While the ongoing supply chain problems affecting the global economy have had the expected effects, they’ve also had some decidedly unexpected effects. Specifically, many...

News

As gas prices continue to rise and consumer confidence drops, not to mention the ongoing war in Ukraine, the European economy is taking a...

News

As the environmental need for electric vehicles becomes more pressing, and the car-buying public becomes more eager for them, automotive manufacturers are getting ready...

News

This morning, Coinbase CEO Brian Armstrong sent a mass email out to his company informing everyone that, as stock and crypto prices slip and...

News

As Russia’s invasion of Ukraine continues, many global businesses have pulled their dealings out of Russian territories due to a mix of sanctions and...

News

In the last few weeks, fears have begun to surface of another potential recession striking the United States economy. Economists have been working to...

News

It’s no secret that the highs of the COVID-19 pandemic cost movie theater chain AMC an unprecedented amount of money. As people isolated at...