French fashion house Chanel announced on Monday that it aimed to strengthen its luxury watchmaking position with recent investments, including the acquisition of a small stake in Swiss parts maker Kenissi.
Chanel announced it had a 20% holding in Kenissi, unchanged from when it first disclosed the stake in its 2017 accounts released last June. It was the first time the famous fashion house has published earnings in its more than 100 year history.
“The size of our investment has not changed and remains at 20%,” Chanel said, adding it was publicising its holding ahead of the Baselworld trade fair in March.
As well as selling high-end watches under its own brand, Chanel has stakes in a number of other watchmakers including French label Bell & Ross and Swiss peer Romain Gauthier.
Chanel’s earnings revealed that by revenues it ranked with LVMH as one of the biggest luxury firms in the world.