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Gisele Bündchen, the new face of Chanel Beauty

Last year, Forbes magazine declared Gisele Bündchen the top-earning model.

Gisele Bündchen is the new face of Chanel cosmetics, according to reports in the press.

Even though rumors were rife about Rihanna being the new face of Chanel, it came to light that the luxury brand has chosen Gisele Bündchen as its new brand ambassador.

Last year, Forbes magazine declared the 32-year-old bankable Brazilian the top-earning model, raking in $US45 million.

As the world's fourth largest luxury company, valued at $US6.68 billion, Chanel can certainly afford Bündchen's services. The bulk of Chanel's sales is in the highly profitable beauty and fragrances sector.

Chanel’s new campaing with Gisele Bündchen is expected to be presented on March 15.