Business

Lagerfeld’s Chanel made $11 billion in his last year

Published

5 years ago

June 17, 2019

Eric

Chanel clocked up sales of nearly 10 billion euros ($11.1 billion) in its final year under the late designer Karl Lagerfeld, the French label said Monday.

The notoriously secretive brand owned by the Wertheimer family, which has only reported its results publicly twice in its 109-year history, said sales rose more than 10 per cent in 2018.

Chanel’s iconic creator — who had so dominated fashion that he was called the “Kaiser” — died of cancer in February aged 85.

Lagerfeld worked until the end, and despite his final illness his creations “achieved double-digit growth with great performances in leather goods and ready-to-wear”, the label said.

Profits rose to close to $3 billion, with finance chief Philippe Blondiaux hailing “another strong year”.

The performance was particularly strong given that the fashion house had sunk $1 billion into upping its digital presence, Blondiaux said, as well as securing “supply chains… and strengthening social and environmental commitments.”

He said its perfume and beauty division had also shown rapid growth with the launch of new fragrances such as Coco Mademoiselle and Bleu de Chanel.

Chanel is regarded as one of the world’s richest and most stable fashion brands, said to be worth in excess of $20 billion.

Only rival Paris house Louis Vuitton has more financial clout, although much of its profits come from its luggage and handbag business.

In terms of turnover, it also comes second behind Vuitton, whose owners LVMH reported sales of “well over $10 billion” in 2018.

The results were released on the eve of Paris men’s fashion week, where a special event will honour Lagerfeld in the city’s vast Grand Palais, the scene of some of his greatest catwalk triumphs.

Chanel opened its books for the first time last year, showing that its owners Alain and Gerard Wertheimer were the fourth and fifth richest people in France and among the 40 wealthiest on the planet.

Business

Glo Launches New Internet Solution Products for Homes, Businesses

Published

2 weeks ago

April 8, 2024

Eric

Two new products, which provide internet connectivity solutions specially designed for Residential and SME commercial customers, have been unveiled by digital solutions company, Globacom.

The products, Fibre to the Home (FTTH) and Fibre to the Business (FTTB) were packaged for Glo customers to enjoy reliable and high speed internet through linked fibre services.

Globacom said in a statement in Lagos “With these services, businesses and homes can access dedicated internet speeds of up to 1GBps, allowing unlimited internet usages for seamless video calls, video and music streaming and a whole lot of other dedicated usages to promote business success and equally provide endless entertainment for homes”.

It explained that the new product comes with a unique opportunity for “Residential Estates, High Rise Apartments, Commercial SME Estates to enjoy dedicated high speed internet in their cluster”.

These services, according to Globacom, give exceptional experience and unmatched speed for users at home or in offices and are provided through hi-speed fibre – unlike copper which was being used in the past.

Positioning itself as the premier provider of innovative solutions for businesses of all sizes, Globacom assured customers of the best value for money with the new offerings, adding that users who sign on for these services will also enjoy fully dedicated bandwidth.

“We are committed to delivering the most cost-effective data connectivity experience for homes and businesses in addition to providing dedicated and reliable services.” Globacom concluded.

Business

Naira Appreciates Further, Sells at N1,280/$ at Parallel Market

Published

3 weeks ago

March 30, 2024

Eric

The naira, on Friday, appreciated to N1,280 per dollar at the parallel section of the foreign exchange (FX) market.

The current FX rate signifies a 5.19 percent appreciation from the N1,350/$ reported on March 27.

Currency traders in Lagos, also known as bureau de change (BDCs) operators, quoted the buying rate of the greenback at N1,260 and the selling price at N1,280 — leaving a profit margin of N20.

“The price of the dollar as well as other major currencies have been falling. It is affecting our business as some customers prefer to keep their currencies than change it with us,” a currency trader identified as Aliyu told TheCable.

At the official section of the FX market, the local currency depreciated by 0.69 percent to N1,309.39/$ on March 28 — from N1,300.43/$ on March 27.

Meanwhile, the Central Bank of Nigeria (CBN), on March 29, said the economy recorded over $1.5 billion in foreign exchange (FX) inflow this month, indicating its monetary policy initiatives are effective.

The apex bank said the naira is headed in the right direction, and the administration of Yemi Cardoso, CBN governor, remains committed to ensuring the stability of the market and the appropriate pricing of the naira against other major currencies worldwide.

TheCable

Business

NNPC Denies Reducing Petrol Pump Price

Published

3 weeks ago

March 28, 2024

Eric

The Nigerian National Petroleum Corporation (NNPC) Limited has declared that there is no plan to reduce the pump price of Premium Motor Spirit (PMS) aka petrol and Automotive Gas Oil (AGO) aka diesel.

The national oil company disclosed this through a statement on Wednesday by its Chief Corporate Communications Officer, Mr. Olufemi Soneye.

He said: “The NNPC Limited wishes to clarify rumours suggesting a price adjustment for Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel) at its retail stations nationwide.

“The company asserts that these reports are false and urges Nigerians to disregard them entirely.

“NNPC Ltd. reaffirms its commitment to sustaining the current sufficiency in petroleum products supply across all its retail stations in the country,” the statement added.