Chanel has been a notoriously secretive company since the birth of the brand by Gabrielle (better known as Coco) Chanel back in 1909. But alas, there’s a first time for everything, and the secret that the brand has decided to reveal is a big one.
For the first time in over a century, the brand released an earnings report to the public to give the world a taste of its high-flying finances, and ward off rumors of a potential sale. Chanel is one of the last major fashion houses to maintain its independence, and the owners want to make it clear that they’re here for a long time, and a good time.
So what’s the big deal about the big reveal? As it turns out, Chanel raked in a cool $9.62 billion in revenue in 2017, sliding the fashion house comfortably in the running with Louis Vuitton, which brings in an estimated $9.2 billion per year. Gucci is right on their heels with $7.2 billion last year, showing just how far above the crowd Chanel has been, even if no one could see past the money mask.
Head creative director for Chanel, Karl Lagerfeld, has been on a tear of extravagant, decadent runway shows in recent years, and although the spectacles through which he sees his visions to the end may certainly cost a pretty penny, it seems the brand has benefited handsomely from Mr. Lagerfeld’s visions of excess.