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New “exceptional” year for Chanel sales in 2023

New “exceptional” year for Chanel sales in 2023

The luxury group Chanel announced on Tuesday that it made record sales in 2023, “exceptional new year”, with an increase of 14.6% to US$ 19,700 million, while the net profit was US$ 4,700 million, with a progress of 3%.

Chanel again achieved a solid financial result in 2023, with double-digit growth in all categories” declared Philippe Blondiaux, financial director of the group, quoted in a statement, in which he also stressed that now “After three years of exceptional growth for our industry, the context is difficult”.

Since the third quarter of 2023, the luxury market has declined in Europe and the United States and has not recovered the expected growth in China.

But for Chanel, which does not specify its results quarter by quarter, “Sales increased in all markets, since the sales teams continue to strengthen our ties with local clientele, at the same time as the lasting recovery of tourism occurs.”Blondiaux added.

In the Asia Pacific region, sales exceeded US$10 billion, up 17.7%. The increase is strongest in Europe (+18.8% to US$ 5.6 billion), but was modest in the US area (+2.6% to 3.9 billion). The company, created by Coco Chanel and famous for its tweed dresses or its Numero 5 perfume, is owned by the Wertheimer brothers. It is one of the few in the fashion and luxury sector to remain independent.

Chanel does not publish the financial achievements of each of its branches, but states in its statement that the Fashion activity experienced “exceptional growth in all categories.”

The Parfums Beauté division was driven in particular by “the makeup” and sales at airports. And the jewelry continued “its dynamics”.

Source: Gestion

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