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

FirstBank Appoints New MD/CEO, Alebiosu

Published

1 day ago

April 22, 2024

Eric

First Bank of Nigeria has appointed Olusegun Alebiosu as its new Managing Director with effect from April 2024.

The Bank stated this in a release signed by its acting company secretary Adewale Arogundade.

Alebiosu takes from Adesola Adeduntan, who resigned abruptly on Saturday with eight months left to complete his tenure in December 2024.

The release stated that “following the resignation of the managing director/CEO of FirstBank, Dr. Adesola Adeduntan, the Board of Directors has appointed Olusegun Alebiosu as the acting CEO of the 130-year-old institution.

“The appointment takes effect immediately and is subject to the approval of the Central Bank of Nigeria.”

The release stated that Alebiosu was until this appointment the executive director, chief risk officer and executive compliance officer since January 2022. Prior to that, he was the Group executive/ chief risk officer, a position he held since 2016.

“Alebiosu brings to the executive management of FirstBank over 28 years’ experience in the banking and financial services industry with cross-functional exposure to Credit risk management, Financial planning and control, Credit and marketing, Trade, Corporate and commercial banking, Agriculture financing, Oil and Gas, Transportation (including Aviation and Shipping) and Project financing.”

It added that the new acting MD/CEO commenced his professional career in 1991 with Oceanic Bank Plc (now EcoBank) and prior to joining FirstBank in 2016 served as Chief Risk Officer at Coronation Merchant Bank Limited, Chief Credit Risk Officer at African Development Bank Group and Group Head, Credit Policy & Deputy Chief Credit Risk Officer at United Bank for Africa Plc.

“He is an alumnus of Harvard School of Government and holds a Bachelor’s degree in Industrial Relations and Personnel Management. He also obtained a Master’s degree in International Law and Diplomacy from the University of Lagos and holds a Master’s degree in Development Studies from the London School of Economics and Political Science.

“He is a member of various professional bodies namely, Fellow, Institute of Chartered Accountants (FCA), Associate, Nigeria Institute of Management (ANIM), Chartered Institute of Bankers of Nigeria (CIBN) and Member, Nigeria Institute of International Affairs.”

Business

Again, Naira Slumps Against Dollar, Trades at N1,169/$1 in Official Window

Published

3 days ago

April 20, 2024

Eric

The Naira, on Friday, slumped for the second consecutive day against the American dollar at the official window trading at N1,169/$1, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).

At the end of trading on Friday, the Naira lost N15 against the dollar when compared to the previous exchange rate of N1,154/$1 on Thursday, April 18, 2024.

The intra-day high and low recorded during the day were N1,236/$1 and N1,021/$1 respectively, representing a lean spread of N215/$1.

Similarly, the Naira slumped against the dollar at the parallel market for the second consecutive day to trade at N1,150/$1 representing a loss of N50 when compared to the N1,100/$1 it traded the previous day.

The British Pound also slumped against the Naira by N50 to trade at N1,500/£1 as against the previous trading price of N1,450/£1 representing a loss of N50 for the local currency,

The Canadian dollar however closed flat against the Naira to trade at N1,000/CA$1 same as the previous trading day rate of N1,000/ CA$1.

The Euro also slumped against the Naira to trade at N1, 280/€1 as against the rate of N1,200/€1 the previous trading rate indicating a gain of N80 in the European currency.

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.