Chanel to open its global offices in the UK’s capital city
The Parisian luxury fashion house, Chanel, has announced its plans to open its global office in London, UK.
The firm has decided to collect the majority of its global business functions into a single location, the BBC reported.
The company selected London due to its global location, Chanel informed BBC Radio 4.
“[Chanel] wanted to simplify the structure of the business and London is the most appropriate place to do that for an international company.”
“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.”
Chanel, which employs more than 20,000 people globally, saw its sales surpass £7bn (US$9.16bn) in 2017.
The fashion house’s Head Creative Director, Karl Lagerfeld, and his team will remain in Paris.
The decision has been remarked as a display of the firm’s confidence in the UK’s future by Justine Picardie, Editor-in-Chief of fashion magazine Harpers’ Bazaar.
“Chanel leads the way. My strong intuition is that other [luxury brands] will follow,” stated Picardie.
The announcement follows many voiced concerns about the UK’s future post-Brexit, with many companies opting to relocate operations to other European countries.
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