by Michael Wolf, Chief Curator cfn.news
We who participate in the world of contract furnishings like to think of ourselves as being part of a fairly big industry. Certainly not bigger than residential furniture, and almost the same size as the dog food industry in the U.S. But now, maybe, we shouldn't think of ourselves as big at all.
The New York Times today reports that the high-end (really really high-end) fashion luxury house Chanel has released their sales results for the first time in their 108 year history. In doing so it turns out that Chanel is the same approximate size as the ENTIRE North American contract furnishings industry.
“We realized it was time to put the facts on the table as to exactly who we are: a $10 billion dollar company with very strong financials, plus all the means and ammunition at our disposal to remain independent,” Philippe Blondiaux, Chanel’s chief financial officer, said in a telephone interview with the New York Times.
The figures released on today showed total sales for the 2017 calendar year were $9.62 billion, up 11 percent compared to the previous year on a constant-currency basis. That growth was primarily driven by sales in the Asia-Pacific region and in Europe, while operating profit came in at $2.69 billion. Net debt stood at $18 million, with free cash flow of $1.63 billion.
Those numbers - profit and debt - easily make Chanel a better performer than the entire contract industry - all by itself.
Maybe Chanel would like to get into office furniture?