French Luxury Brand Chanel’s Profits + 38% In FY 2014
The billionaire brothers who own Chanel have become almost $3-B wealthier this year after the luxury company reported a 38% rise in annual profit.
Alain and Gerard Werthheimer each have $11.8-B fortunes and are the 6th and 7th-richest people in France, according to the data. Almost all of their fortunes stem from their stake in Chanel, which reported FY 2014 revenue of $7.5-B and net income of $1.4-B.
Chanel International BV files the closely held company’s global financial results with Kamer van Koophandel of the Dutch Chamber of Commerce.
Net profit for the 5 publicly traded companies the index uses to value Chanel: Prada, Kering, LVMH, L’Oreal and Estee Lauder was down a collective 6% in their FY 2014 numbers.
The Wertheimers’ fortunes have risen 13% since January 2014, ranking then among the world’s 100 richest people.
Eight other luxury goods billionaires from the Billionaire’s index: Liliane Bettencourt, Bernard Arnault, Francois Pinault, Leonard Lauder, Giorgio Armani, Cheng Yu-Tung, Ralph Lauren and Johann Rupert have fallen a combined 11% over the same frame, as luxury demand in China slowed following a clampdown on graft.
Miuccia Prada, Chairman of Prada SpA fell off the index after her fortune declined 26% this year to $3.6-B, making her the world’s 437th-richest person.
Have a terrific week.
HeffX-LTN
Paul Ebeling
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