Home Business Much less progress for Chanel within the US market

Much less progress for Chanel within the US market

Picture: ANP

Vogue home Chanel has grown much less quickly in america previously six months. The place the corporate in North, Central and South America grew by greater than 10 p.c final 12 months, it has been at a progress charge of lower than 10 p.c since November, says monetary director Philippe Blondiaux towards enterprise newspaper Monetary Occasions. Gross sales within the US make up the lion’s share of gross sales in that area.

The 113-year-old Chanel, based by the legendary designer Gabrielle ‘Coco’ Chanel, isn’t listed on the inventory change. However the firm has been publishing annual figures for a number of years now. For instance, the turnover final 12 months amounted to 17.2 billion {dollars}, transformed to only over 16 billion euros. That was 17 p.c greater than in 2021.

The posh sector carried out properly final 12 months regardless of financial considerations. And issues are nonetheless going properly in China now that the corona restrictions have been lifted. Increasingly more Chinese language vacationers are additionally coming to Paris to do some procuring at Chanel.

Regardless of this, buyers have been involved for a while that the posh sector is on the peak of its progress. With declining progress within the US and a weaker financial system in Europe, the interval of enormously growing turnover and earnings may simply be over. Final week, the costs of luxurious teams resembling LVMH, Kering and Hermes additionally fell.

Chanel has had its official headquarters in London for a number of years now. In the UK specifically, luxurious teams foresee tough occasions. That nation has abolished tax-free searching for vacationers, which makes a go to to London, for instance, much less engaging.

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