Philippe Blondiaux, Chanel’s global chief financial officer, refuted claims that the company is put up for sale, assuring that the fashion house has achieved more than $11 billion in sales.
“Chanel is not for sale, Chanel is not preparing for an IPO, I just want to reconfirm that for the hundredth time this year,” Blondiaux said in an interview with BoF.
“The numbers we’ve shared show that our strategy is exactly the opposite of a company preparing for a sale or an IPO. We’ve increased our level of investments... to prepare for the long term. We’ve increased our headcount ahead of the curve at the risk of slightly eroding our short-term margins, which we don’t care so much about, to prepare for the long term. That remains our strategy.”
“If it’s an indication of the brand’s desirability, it really confirms what everybody knows, which is that we are the most desirable brand in the world,” he said. “Being independent is part of our DNA and probably a key condition for our success. Unfortunately for many bankers, we will remain a fantasy, but that’s what nice brands are about, creating dreams,” he added regarding the recent valuation.
“We had good growth in all the regions, but luxury is of course, extremely successful in Asia,” he pointed out. “It may come from the decision we took three or four years ago to harmonise prices, bringing more sales of luxury consumers onshore. But if you look at 2019, we see the [upward] trend continuing.”