The Government has welcomed a new investment by French luxury fashion house, Chanel, in New Zealand’s premium agricultural sector.
Chanel has invested in a joint venture company to own part of and support Lammermoor Station in the central Otago high country, which produces fine wool for Chanel garments.
Lammermoor is New Zealand’s largest organic farm and only certified organic fine wool producer.
“Chanel’s investment in New Zealand is a great illustration of how overseas investment opens new doors for Kiwis, and a reflection that the world now sees New Zealand as open for business,” said Deputy Prime Minister, David Seymour.
Economic Growth Minister, Nicola Willis said New Zealand farmers produce some of the highest quality fine wool in the world, and the partnership with Chanel at Lammermoor Station helps cement the industry’s reputation for excellence.
“This investment acknowledges the high quality of New Zealand’s exports. It allows Lammermoor to continue doing what it does best, retaining jobs and livelihoods in the process, and contributing to New Zealand’s export growth.”
“The investment was granted under the Overseas Investment Act’s Benefit to New Zealand – farm land benefit pathway. The investment is expected to provide substantial benefit to New Zealand,” said Land Information Minister, Mike Butterick.
“Chanel plans to build on Lammermoor’s organic status and achieve Regenerative Organic Certification (ROC). That would make Lammermoor the world’s first ROC fine wool-producing farm.
“Achieving this certification would help to further boost the value of Lammermoor’s fine wool, increasing export receipts. It also boosts the reputation of New Zealand wool’s high quality and sustainable production.”
Lammermoor’s New Zealand owners will hold a stake in the joint venture company with Chanel, and continue to live and work on the land.
