Last year, the Chanel bulldozer, which had previously been running at full speed like a red carpet catwalk, suddenly stalled. Revenues were down for the first time since the covid, and profits plunged by 30%. The culprit? The Chinese purse, suddenly less enthusiastic about the idea of spending a minimum wage on a handbag.

The now British fashion house revealed that its 2024 turnover had fallen to 18.7 billion dollars, a slight drop of 4.3% (nothing dramatic, except when you’re used to being in orbit). Even the fashionistas of Tokyo and Seoul couldn’t compensate for the global economic storm.

Operating profit melted like mascara in the rain: 4.5 billion, compared to 6.4 last year. Yet Chanel is not skimping on spending, notably on revamping its boutiques and pampering its supply chain, probably with cashmere wolves.

On the style front, the tide has turned with the arrival of Matthieu Blazy as the new artistic director on 1 April. And no, it wasn’t a fish, but despite this chic reinforcement, the environment remains as fluid as a catwalk show on stilts.

In short, Chanel is tightening its belt (in golden tweed): hiring freeze! After recruiting 10,000 people over the last three years (including 1,900 in 2024, the vast majority between January and June), the company is planning to wisely remain at 38,400 employees this year. Even in the United States, where 70 jobs have been cut, representing 2.5% of the workforce – don’t panic, the handbags won’t sew themselves, but they will.

Among its purchases for 2024: 25% of MB&F, a cutting-edge (and very expensive) Swiss watchmaker, and a building on Avenue Montaigne, because if you’re going to sell the dream, you might as well own the pavement that goes with it.

But Chanel is not letting itself be undermined and is preparing for the future: 48 new boutiques are planned for this year. 22 will open in flagship markets such as the United States and China, and the rest in ‘exotic’ lands such as… India and Canada. Soon a bottle of N°5 between an igloo and an elephant?