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Luxury leader Chanel buys Scots knitwear company

A model presents a creation by Chanel fashion designer Germany's Karl Lagerfeld during the Fall/Winter 2012-2013 ready-to-wear collection show, on March 6, 2012 at the Grand Palais in Paris. (AFP Photo/Alexander Klein)
A centuries old Scottish knitwear firm has been saved from extinction by the French luxury brand Chanel. Barrie Knitwear was on the brink of closure following its parent company going bust in the summer. The takeover will secure 176 jobs.

­The move will help the Hawick company continue making quality cashmere. It had been part of the 140-year-old Dawson International which went into administration earlier this year.

Chanel has not revealed how much it paid for Barrie but said the acquisition of the business was “all the more natural as the factory has worked with us for more than 25 years, producing cashmere knitwear including Chanel's iconic two-tone cashmere cardigans," Vogue quoted the label's fashion president Bruno Pavlovsky as saying.

"With the sale to Chanel, we believe we have secured a sustainable future for a business which is of both historical significance to the textile industry and of local importance as a major employer in the Scottish borders," Dawson International Trading Ltd joint administrator Blair Nimmo told Vogue.

"Through this acquisition, we reaffirm our commitment to traditional expertise and craftsmanship, and our wish to safeguard their future and support their development," the Chanel fashion president added.