With revenues growing 17 percent last year to $17.22 billion, Chanel’s operating profits grew 5.8 percent to $5.78 billion, closing in on luxury’s ultra-exclusive $20 billion threshold.
Announcing double-digit growth across all product lines, the French fashion house said retail teams cultivated local clienteles during pandemic restrictions, alluding to China’s lockdowns last year that hurt luxury sales.
After adjusting for currency fluctuations and changes in company structure, Asia Pacific revenues increased 14.3 percent to $8.65 billion. In Europe, revenues increased 29.6% to $4.72 billion, while in the Americas, revenues increased 9.5 percent to $3.86 billion.
Chanel unveiled its cruise 2023 collection in Monte-Carlo last year, then repeated the show in Miami later in the year, along with its lavish ready-to-wear and haute couture displays in Paris. In the Senegalese capital of Dakar, the brand unveiled its Métiers d’Art collection, making history as the first European luxury brand to do so.