A slice of Central Otago’s high country is now tied to one of the world’s biggest luxury brands.
French fashion house Chanel has invested in a joint venture to own part of and support Lammermoor Station, a vast high country property producing premium wool used in Chanel garments.
The deal lands alongside faster approvals for overseas investment, with new figures from Land Information New Zealand showing application timeframes have dropped sharply since reforms kicked in last year.
Deputy Prime Minister David Seymour, who oversees overseas investment as Associate Finance Minister, said the quicker process is already paying off.
“The proof is in the investment pudding. While average end-to-end timeframes for business and production forestry applications before June 2024 were 67 working days, this has decreased to an average of 31 working days in the last 12 months,” he said.
“Since the Amendment Act came into force, the average timeframe to grant consent for these types of investment under the new national interest test is now four working days.
“These were common-sense changes that improved the efficiency of the system, and give investors greater confidence, in turn delivering growth and jobs for New Zealanders.
“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.”
Economic Growth Minister Nicola Willis said the tie-up reinforces New Zealand’s reputation for top-tier wool.
“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,” she said.
Land Information Minister Mike Butterick said Lammermoor is already in rare territory as the country’s largest organic farm and its only certified organic fine wool producer.
“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," he 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.”
Lammermoor’s existing Kiwi owners will keep a stake in the new venture and stay on the land, with the Government framing the deal as a three-way gain for the brand, the station and the country.
“It’s a win-win-win for Chanel, Lammermoor and New Zealanders.”