The iconic fashion brand has invested in a joint venture company to own part of Lammermoor Station, which produces fine wool for its garments, the government announced this morning.
Lammermoor’s New Zealand owners would hold a stake in the joint venture company with Chanel and continue to live and work on the land.
Economic Growth Minister Nicola Willis said in a statement the move reflected New Zealand farmers' reputation for producing some of the highest quality wool in the world.
“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 deal was granted under the Overseas Investment Act’s Benefit to New Zealand – farm land benefit pathway, the statement said.
Lammermoor was New Zealand’s largest organic farm and only certified organic fine wool producer and Chanel intended to build on this, Land Information Minister Mike Butterick said.
“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.”
- Allied Press
