Chanel's full year 2023 sales accelerate to 19.7 billion dollars

In 2023 Chanel’s results for the full year were driven by strong growth across all product lines with revenues of 19.7 billion dollars, up 16 percent versus 2022 on a comparable basis at constant currency and by 14.6 percent on a reported basis.

The company's operating profit for the year of 6,407 million dollars, increased 10.9 percent.

Commenting on the full year trading, Leena Nair, Chanel’s global chief executive officer, said in a statement: “The strong results we are announcing today reflect Chanel’s relentless focus on exceptional creations that inspire. They underline sustained investment in building the desirability of our brand, creating the ultimate luxury experience for our clients and supporting our people to grow and develop.”

Chanel reports growth across product categories and markets

Chanel achieved double-digit sales growth across each division and ahead of 2022 in every region.

The company’s revenues in Europe increased 18.8 percent reported and 16.4 percent on a comparable basis to 5,606 million dollars, Asia Pacific revenues of 10.2 billion dollars were up 17.7 percent reported and 21.6 percent on a comparable basis, while revenues in the Americas of 3,960 million dollars increased 2.6 percent reported and 2.4 percent on a comparable basis.

“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,” said Philippe Blondiaux, the company’s global chief financial officer.

Chanel invests in retail expansion

The company continued to invest in capital expenditure in 2023. This primarily related to the retail distribution network, including the opening of the twin boutique in Milan, bringing fashion and watches & fine Jewellery together on the iconic Via Montenapoleone, the reopening of the flagship boutique in Beverly Hills and the expansion of the Chanel & Moi Les Ateliers network, with openings in Tokyo and London.

Chanel also signed a 20-year agreement for a new global headquarters in London.

“In 2023, we increased headcount globally by 14 percent to more than 36,500 people, expanded our retail distribution network to over 600 boutiques worldwide, and invested significantly in R&D and in technology. We also launched our Open Innovation Function to partner with start-ups, thought leaders and academic institutions. We are proud of our new Net-Zero 2040 targets validated by the SBTi, which will underpin the continued transformation of our business,” added Nair.