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    Home»Investments»Despite a drop in sales in 2024, the luxury group maintains its investments
    Investments

    Despite a drop in sales in 2024, the luxury group maintains its investments

    May 21, 20252 Mins Read


    The Chanel store on Avenue de la Toison d'Or in Brussels, Belgium, December 26, 2024.
    The Chanel store on Avenue de la Toison d’Or in Brussels, Belgium, December 26, 2024. HATIM KAGHAT / AFP

    Chanel needs new blood. The company’s 2024 annual results – which closed at the end of December and were released on Tuesday, May 10 – made that clear. The haute couture house, founded in 1910, saw its revenue tumble by 4.3% to €17.9 billion.

    “Following a period of exponential growth, in 2024 we saw challenging macroeconomic conditions,” Chanel CEO Leena Nair told Le Monde. Sales had soared by 16% in 2023, following a 17% rise in 2022. “Revenues nearly doubled over the previous three years,” Nair added.

    Chanel suffered a sharper setback than the fashion and leather goods brands of LVMH, whose average sales declined by 1% in 2024. The results were also a far cry from those of Hermès, which achieved a 15% increase in 2024, reaching €15.1 billion in sales.

    The world’s second-largest luxury brand after Louis Vuitton – whose sales are estimated at nearly €24 billion in 2024 – Chanel has been hit by a slowdown in the two main engines of the global luxury market: China, where consumer spending has faltered since the start of 2024, and the United States. Chanel’s sales fell by 7.1% in the Asia-Pacific region and by 4.2% in the Americas, while they rose by 0.6% in Europe.

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