Chanel is cutting 70 US jobs as it warns of a “challenging environment” in the luxury goods market.
The staff cuts follow previous moves to limit spending and represent approximately 2.5% of the luxury French house’s workforce in the region.
The job cuts come after a wider downturn in demand for high-end goods since the post-Covid-19 pandemic boom.
“To better adapt to the current economic challenges, Chanel, Inc., after careful deliberation, has made the difficult decision to adjust its workforce,” read a company statement sent to Cosmetics Business.
“This challenging decision has been made following previous various steps to protect the business and limit spending.
“Chanel, Inc. deeply regrets the impact this