Chanel to Double Capital Investments, Bolster ‘Ultimate Luxury Experience’ as Sales Surge
The privately-held fashion and beauty giant’s sales rose 17 percent to $17 billion in 2022. Private salons for top-spending clients, emerging technologies and a new London headquarters are on new CEO Leena Nair’s agenda.
The French luxury giant said 2021 revenues rose 23 percent over pre-pandemic levels to $15 billion. The brand now plans to open dedicated boutiques for top-spending clients as rapid growth risks overcrowding its stores, CFO Philippe Blondiaux revealed.
CFO Philippe Blondiaux told BoF that beauty e-commerce sales jumped 32 percent last year, and the brand opened more than 50 standalone cosmetics boutiques as the division reduces its reliance on wholesale partners.
The designer and CFDA chairman will front the auction house’s January sale of American paintings, furniture, ceramics and other objects, including a fashion selection in partnership with the CFDA, meant to hammer home the idea of American fashion as art, said Browne.
The e-commerce giant is seeking a cash injection to avert a collapse that could send shockwaves across the fashion industry. So far nobody has come to the table and time is running out, but founder Jose Neves may yet have a move up his sleeve.