Cosmetics M&A, Corporate and Financial News

Chanel Buys Biomaterials Company Sulapac

The French luxury company Chanel buys a stake in Finnish group Sulapac that produces biodegradable materials.

The Finnish group Sulapac founded in Helsinkin in 2016 is specialised in manufacturing packages with biodegradable materials and bioplastics made of woodchips and natural adherents.

Chanel has been the first company in the luxury sector to choose this eco-friendly company.

Chanel had a turnover valued in 9.62 billion dollars (8.3 billion euros) in 2017, up by 11%. This growth was motivated by the rise of sales in Asia Pacific and Europe. The operating profit, for its part, stood at 2.69 billion dollars (2.32 billion euros).