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Chanel ditches New York City digs for new London global hub
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This picture taken on December 19, 2017 shows a logo outside the French fashion house and luxury goods Chanel shop on the Avenue Montaigne in Paris. Chanel Ltd. is leaving its global headquarters in New York for a new home in London. (AFP/Stephane de Sakutin)
Chanel No. 5 and the little black dress are about to come with a British twist.
In a show of confidence for post-Brexit UK, French fashion icon Chanel Ltd. is leaving its global headquarters in New York for a new home in London.
Rather than add to its Paris roots, the company will base its international team in London in a move that’s said to involve dozens of jobs, according to a BBC report. Chanel cited the city’s central location and its “strong corporate governance standards,” according to the report on the broadcaster’s website.
Read also: Lagerfeld reaches for immortality with Chanel Paris show
“Great that Chanel are moving their global HQ to London from New York,” Margot James, UK minister for digital, wrote in a tweet this week. “A real vote of confidence in the U.K. and its amazing creatives.”
Great that @CHANEL are moving their global HQ to London from New York. A real vote of confidence in the UK and its amazing creatives #CreativityIsGREAT🇬🇧 https://t.co/0O4xguvpah
— Margot James (@margot_james_mp) September 10, 2018
The move comes a few months after the closely held French fashion house opened its books for the first time, reporting almost $10 billion in sales last year. That puts Chanel at a level which rivals luxury leader Louis Vuitton -- which, it should be said, still calls Paris its global headquarters home.
