Dries Van Noten has sold a majority share of his business to Spanish Group Puig, owner of Carolina Herrera, Nina Ricci, and Paco Rabanne. This is a big deal for one of the last great independent houses. More soon.
BREAKING: For the first time in its 108 year history, Chanel has released an annual financial report. Sales in 2017 were $9.62bn, up 11% compared to 2016. My story on the numbers - and change in comms strategy - up on @nytimes any minute now.