Chanel dismisses IPO rumours as it eyes ‘pent up demand’ from consumers in China
Chanel, one of the world’s biggest luxury brands, will remain private, after the French company’s boss dismissed IPO rumours.
“We’re going to stay a private, independent company,” Leena Nair, chief executive of Chanel, told the Financial Times. “Rumours always float around, but you can put those to rest.”
Nair, who joined the company in January last year, said she remained “cautiously optimistic” about the future of the luxury goods market, hoping that demand from China will boost its revenues.
“I see the return of China. I see the pent-up demand, the pursuit of self indulgence,” she said.
Her comments come after rival French luxury goods group LVMH, the company behind brands such as Louis Vuitton and Tag Heuer, became the first European company to surpass a valuation of $500bn.
Earlier this month, it reported €21bn in quarterly sales – a 17 percent jump on the period last year – lifted by China’s reopening this year.