The French fashion house’s sales reached $17.22 billion for the year ending 31 December, 2022, with operating profits rising 5.8%
“Exceptional growth” came via double-digit gains across all product lines
The luxury French fashion house’s operating profits rose 5.8% over the period to $5.78bn, taking its operating margin to 33.5%.
While the Coco Mademoiselle and Bleu De Chanel maker didn’t specifically cite the role contributed by its fragrance and beauty segment for the year, it noted that “exceptional growth” came via double-digit gains across all product lines.
This was particularly in leather goods and shoes.
Price increases were cited as a key driver behind the growth, as well as robust sales in the wake of the Covid-19 pandemic and trends in travel.
Chanel attributes this success to “nurturing local clienteles” during Covid-19 restrictions, alluding to the lockdowns in China last year that dented luxury growth.
Revenue in the Asia Pacific region reached $8.65bn, which is a 14.3% increase from full year sales in the region in 2021.
Sales in Europe also rose to $4.72bn, up 29.6%, reported the brand.
However, sales in North America only came in at single-digit percentage growth, up 9.5% to reach $3.86bn.
There has been a lot of change at Chanel recently.
The luxury fashion house has named actor Timothée Chalamet the new ambassador of its Bleu De Chanel fragrance.
John Galantic, meanwhile, will step down as President and COO in June after five years with the company.