Chanel, a pioneering leader in luxury fashion has told the BBC it's moving its global office to London, UK.
Part of a transformation drive, the 110-year old brands is moving the majority of its business functions to one office. Albeit one man Karl Lagerfeld, (head designer of Chanel and Karl Lagerfeld). Karl and his team will be the last remaining link to stay in Paris, in line with the brands heritage.
"We wanted to simplify the structure of the business and London is the most appropriate place to do that for an international company. London is the most central location for our markets, uses the English language and has strong corporate governance standards with its regulatory and legal requirements".
With continued uncertainty on the subject of Brexit and future trading arrangements, Chanel seem to be taking action. They have seen partners such as banks and manufacturers move their operations to the UK over the years. Which despite the outcome, spending on luxury goods by affluent London households is only second to Hong Kong.
As London Fashion Week is currently well under way, this news will spread around many hosted dinner parties and no doubt the British Fashion Council will be grinning ear to ear. Subsequently the news from Chanel will no doubt start a domino effect, which other houses will head towards the UK?
So how big is Chanel and how big a deal is this?,
Well, it employs more than 20,000 people globally and had sales of £7 billion last year alone across all its product lines from clothes, handbags to perfume. So quite a big deal.
Side note from the BBC “The fashion industry contributed over £32bn to the UK industry in 2017," according to the British Fashion Council. An increase of 5.4% on 2016, making it one of the fastest growing sectors of the economy.