(Paris) The luxury group Chanel announced on Tuesday that it had achieved record sales in 2023, “another exceptional year”, up 14.6% to 19.7 billion dollars while net profit growth slowed (+ 3% against +14.2% in 2022), but brought it to $4.7 billion.
“Chanel once again achieved solid financial performance in 2023, with double-digit growth in all categories […] After three years of exceptional growth for our industry, the context is more difficult,” declared Philippe Blondiaux, the group’s financial director, quoted in the press release.
Since the third quarter of 2023, the luxury market has slowed in Europe and the United States and has not regained the expected growth in China.
But for Chanel, which does not detail its results quarter by quarter, “sales increased in all markets, the sales teams continuing to strengthen our links with local customers, while benefiting from the sustainable recovery of tourism” , added Mr. Blondiaux.
In Asia Pacific, sales exceeded $10 billion, up 17.7%. The increase is stronger in Europe (+18.8% to 19.7 billion) but modest on the American continent (+2.6% to 3.9 billion). The year 2022 had already been a record year in each of these regions.
The house, created by Coco Chanel and notably famous for its tweed suits and its Number 5 perfume, is owned by the Wertheimer brothers. She is one of the few in the fashion and luxury sector to still be independent.
Chanel does not make public the financial performance of each of its branches but affirms in its press release that the Fashion activity has experienced “exceptional growth in all categories, in particular Ready-to-wear”.
The Perfumes Beauty division was driven in particular by “makeup, thanks to the sustainable recovery of travel retail”, that is to say sales particularly in airports. Finally, jewelry “continued its momentum”.
“In 2023, our workforce grew by 14% globally, bringing our total number of employees to more than 36,500. We have expanded our distribution network to more than 600 stores,” said the company. general manager Leena Nair, quoted in the press release.