French fashion house Chanel has revealed its financial earnings for the first time in its 108-year history.

The reason for the release of the financial report has not been disclosed but Chanel’s chief financial officer Philippe Blondiaux had said in a statement that the fashion house realised it was time to put the facts on the table.

“We realised it was time to put the facts on the table as to exactly who we are: a $10 billion company with very strong financials, plus all the means and ammunition at our disposal to remain independent,” Blondiaux said in an interview with the New York Times.

The privately-held company revealed it brought in about $9.6 billion in 2017, an 11 per cent increase from the previous corresponding period.

Chanel’s report also indicated its “Gabrielle” line of fragrance and “Gabrielle” handbag were the top sellers during the period and added that its successes in the handbags and clothing department were due to the “mastery of creativity” of Chanel’s creative director, Karl Lagerfeld.

The French luxury retailer also announced it plans to simplify its brand by bringing all of its major subsidiaries under one roof which is why it is undergoing some corporate restructuring for the first time since the 1950s.

The fashion house, which was founded by Coco Chanel in 1910, plans to go with the name Chanel Limited once the restructuring is done.

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