Paris — Chanel, the iconic French luxury house known for
haute couture and timeless fragrances, reported a 4.3% drop in annual
revenue to $18.7 billion in 2024, marking its first decline since 2020. The
downturn comes amid global economic headwinds, including inflation and shifting
consumer demand across key markets.
Operating
Profit Down, But Long-Term Strategy Intact
Chanel’s operating profit fell by 30% to $4.5
billion, a figure the company still considers robust. “It remains a very
healthy level,” noted CFO Philippe Blondiaux. Despite the decline, Chanel
continues to focus on long-term growth, with major investments supporting its
transformation under new artistic director Matthieu Blazy.
“This follows a period of extraordinary growth where our revenues nearly doubled over the last three years,” said CEO Leena Nair. “We’re navigating global uncertainty, but our focus remains on what makes Chanel unique.”
