By Joshua Kirby
Chanel said it is buying shirtmaker Charvet, a rare acquisition for the high-end fashion house as it looks to further widen its offer beyond its famed luxury handbags.
Charvet--which was founded nearly 200 years ago and sells its luxury apparel from a store in Place Vendome, one of Paris's swankiest addresses--offers "artisanal excellence, attention to detail and the passing down of unique savoir-faire," Chanel said Thursday.
The acquisition aims to ensure the long-term preservation of the brand, Chanel said, without disclosing financial details.
The deal comes as Chanel looks to feature apparel more prominently alongside the quilted handbags that have long been the brand's signature. The group appointed former Bottega Veneta creative director Matthieu Blazy as its new design chief last year with a remit to ensure Chanel remained largely immune to the slowdown in global luxury spending that has weighed on performance at many of the sector's big players.
Chanel last year made close to $20 billion in revenue, up 2% from a year earlier, and an operating profit of nearly $5 billion. Peers like LVMH--the luxury sector's largest group--and Gucci owner Kering by contrast logged drops in sales and earnings for the year as consumers shied away from outlay on luxury fashion and accessories.
Chanel's fresh momentum under its new creative chief constitutes a threat for luxury rivals, analysts at Berenberg wrote in a recent note. "Blazymania is very real, driving record sales and creating a threat for other brands as it takes share in a weak market," the brokerage said.
Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby