Luxury fashion giant Chanel is set to double the size of its global headquarters in London, after agreeing a new 20-year lease in Mayfair.
The fashion house has signed an agreement to move from the Time and Life building, which has been its home since 2018 when it first moved to London, to 38 Berkeley Square. From 2025, Chanel plans to move its teams to the new building, which will include 86,000 square feet of office space over 11 floors.
Chanel boss Leena Nair said: “London has been an important centre for Chanel for many years and today’s announcement reaffirms our commitment to the UK and to our people.
“This new global headquarters has been designed to be at the forefront of sustainability, and an inclusive and beautiful working space, supporting Chanel’s future growth ambitions.”
Today Chanel also revealed its profits grew by 5.8% to $5.78 billion in 2022, as sales grew by 17%. The growth was mainly due to a recovery from Covid-19 in Europe, where sales were up by 29.6%.
“The strong performance we are announcing today reflects the strength of our brand, our client
relationships, and the freedom of creation that defines everything we do,” Nair said.
Chief financial officer Philippe Blondiaux pointed out that the results came at a challenging time for the economic environment.
“Chanel has delivered another solid financial performance in 2022, with double-digit growth across all categories,” he said. “The fact that this has been achieved despite broader macroeconomic challenges is testament to the creativity and agility of our teams around the world, and the strength and uniqueness of our brand.
“In 2023, despite the market uncertainties, we remain confident in our ability to deliver sustainable and healthy growth, committed to our people, our clients and our brand.”
