Chanel in fashion

CHANEL has posted soaring sales and profits as it revealed full-year earnings for the first time.

The French fashion house, founded in 1910 by Coco Chanel, racked up an 11pc sales boost to £7.3bn as profits grew 18.5pc to £1.4bn.

Until now, privately owned Chanel has been secretive about financial figures. But chief financial officer Philippe Blondiaux insisted the publication of its results was not an indication that it was planning a stock market listing or a sale of the business.

‘It’s exactly the opposite – this financial statement shows that we are amazingly solid financially and we can keep our status as a private, independent company for the next few centuries,’ he said.

It also revealed its reclusive owners, brothers alain and Gerard Wertheimer, stepped down from the board of UK subsidiary Chanel Limited in December. alain remains chief executive of Chanel.