'Chanel raises 700 million euros'

Luxury fashion house Chanel has reportedly raised 700 million euros in a U.S. private placement . Goldman Sachs Group Inc. and Société Générale SA are the major investors, Bloomberg reports, citing sources close to the matter.

A private placement is a financing round that is only available to a select group of investors. It is not offered to the general public and is therefore also called a non-public offering .

Earlier this year, the company's annual report revealed an increase in both revenue and profit for Chanel. The company recorded a turnover of 19.7 billion euros (+16 percent compared to a year earlier). Operating profit rose by 10.9 percent in the financial year to a level of 6.4 billion euros.

FashionUnited has reached out to Chanel, Goldman Sachs Group Inc. and Société Générale SA for more information, but is awaiting a response.

This article was originally published on FashionUnited.NL, translated and edited to English.