Chanel picks London for global office over Paris and New York
FASHION and luxury goods group Chanel has delivered a Brexit boost to London, picking the capital as the home for its global office.
The plans will see the company bring together the bulk of its international businesses in one location.
A decision to move them to Britain was made because Chanel “wanted to simplify the structure of the business and London is the most appropriate place to do that for an international company”.
A spokesman for the company, famed for its fragrances and beauty products as well as its clothing, added: “London is the most central location for our markets, uses the English language and has strong corporate governance standards with its regulatory and legal requirements.”
In June the company – founded in 1910 by the aspiring actress and seamstress Coco Chanel – publicly announced its annual results for the first time in his history.
They showed the group had sales of $9.6bn (£7.3bn) in 2017, up 11pc on the previous year. Operating profit was $2.7bn.
In an interview with The New York Times, chief financial officer Philippe Blondiaux said: “We realised it was time to put the facts on the table as to exactly who we are: a $10bn company with very strong financials, plus all the means and ammunition at our disposal to remain independent.”
Chanel has more than 15,000 staff globally, but the relocation is thought to involve only a few dozen jobs.
It is still a significant boost for London, coming as the capital’s fashion week begins, and means Britain has trumped New York and Paris.
Chanel’s head designer Karl Lagerfeld and his team will remain in the French capital.