It may be synonymous with Paris, but Chanel has just taken another bite of the Big Apple.
The luxury French retailer, founded by Coco Chanel in 1910 and famed for its quilted handbags and No. 5 perfume, has paid $81.5 million for a Midtown Manhattan building that has housed its U.S. headquarters since the early Nineties, property records showed.
The building is 17 stories tall, but it’s unclear how many floors Chanel currently uses, although two years ago it filed plans for a $3.8 million renovation to transform the first seven floors to retail from just the first two, according to The Real Deal, which first reported the sale.
It’s not the first time Chanel has gone shopping in New York. The retailer reportedly picked up a 4,000-square-foot retail space on Madison Avenue in 2014 for close to $124 million. The brand also spent $152 million on its Rodeo Drive store in Beverly Hills.
The real estate purchase came as the privately owned company broke with tradition this week and published annual financial results for the first time in its 108-year history, revealing sales of $9.7 billion in 2017, up 11 percent from a year earlier.
“Our financial strength gives us the means to remain independent and to focus on the long-term. We continue to create and invest to ensure that Chanel remains one of the most iconic and innovative brands in the world,” Philippe Blondiaux, global chief financial officer, said in a statement.
The company, owned by the secretive Wertheimer brothers, also revealed it was not done with bricks-and-mortar investment, saying it would spend more on manufacturing and distribution facilities. This included a site near Paris that will bring its specialty ateliers under one roof.
Neither Chanel nor The Carlyle Group, which sold the retailer the building through its Metropolitan Real Estate subsidiary, responded to requests for comment.