In 2021, luxury French fashion house Chanel recorded $15.6 billion in sales, according to figures it shared with Business of Fashion.
The figure marks a 50% increase over its 2020 sales, and a 23% increase over its 2019 sales. The fashion house achieved these impressive results despite the Covid-19 pandemic, rising inflation, and spending $1.8 billion on marketing in 2021.
Chanel’s CFO Patrick Blondiaux credited the company’s growth to a “balanced” mix of price increases and higher volumes. In 2021, Chanel put its prices up on three occasions and once again in 2022.
While the Covid-19 pandemic accelerated the popularity of online shopping, and many fashion houses now sell their goods online, Chanel has vowed to keep its sale within stores.
“We are not, and will not, sell fashion or watches online,” Blondiaux said, though noted that digital platforms play “a key role in customer interaction. We are making a lot of investments in digital tools to connect with consumers and offer services online.”
