29 May 2024

Luxury - Revenue climbs significantly for Chanel in 2023

Chanel has reported its financial results for the full 2023 fiscal year, when revenues were up 15.8% on a comparable basis at constant currency to US$19.7 billion. By ILM.

The growth was 14.6% on a reported basis. Europe had comparable growth of 16.4% (18.8% reported) in the year to US$5.6 billion, while Asia Pacific was up 21.6% (17.7% reported) to US$10.18 billion and the Americas grew by 2.4% (2.6% reported) to US$3.96 billion.

The company achieved operating profit of US$6.4 billion for the year, growing by 10.9% year-on-year on a reported basis. EBITDA was up 9.4% to US$6.98 billion while profit after tax increased by 3% to US$4.73 billion.

Chanel also reported its carbon performance for the year, with Scope 1 emissions down 1% to 21,317tCOe, Scope 2 emissions falling by 19% to 3,047tCOe, Scope 3 emissions down 4% to 1,211,296tCOe and renewable electricity up 1% to 98% of the total.

Global Chief Financial Officer Philippe Blondiaux said: “Chanel delivered another strong financial performance in 2023, with double-digit growth across all categories. Sales increased in each of our markets as retail teams continued to nourish relationships with our local clients, while also embracing the continued return of tourist travel around the world.

“After three years of exceptional growth for our industry, we are now entering a more challenging environment. Against that backdrop, and following a record level of investment last year, Chanel will continue to increase investment in the year ahead, whether in our brand, our craftsmanship and savoir faire, in the continued elevation of our client experience, in real estate, or in our boutique and distribution network.”

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