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Chanel: net profit up 68% in 2021 compared to pre-pandemic, to $ 4 billion

2022-05-24T13:23:18.956Z

The French company reveals a turnover of 15.64 billion dollars, up 27.4%. Chanel announced on Tuesday a net profit for the year 2021 of 4 billion dollars, up 68.5% compared to the pre-pandemic in 2019, and a turnover of 15.64 billion dollars, up 27.4%, in a press release. To discover Taxes 2022: all about your tax return Read alsoIn the footsteps of Mademoiselle Chanel Place Vendôme " Despite the difficult context of 2021, our results highlighted strong demand from



Chanel announced on Tuesday a net profit for the year 2021 of 4 billion dollars, up 68.5% compared to the pre-pandemic in 2019, and a turnover of 15.64 billion dollars, up 27.4%, in a press release.

To discover

  • Taxes 2022: all about your tax return

Read alsoIn the footsteps of Mademoiselle Chanel Place Vendôme

"

Despite the difficult context of 2021, our results highlighted strong demand from our clientele, particularly local ones, (...) 2022 will be another year of significant investment to support the long-term development of the Chanel brand. and our ambitions in terms of sustainable development,

” said Philippe Blondiaux, Chief Financial Officer, quoted in the press release.

Chanel, which is one of the rare groups still independent in the luxury sector, announces an operating margin of 34%.

Not listed on the stock exchange, it is owned by the Wertheimer brothers.

Its sales reached “

an all-time high in 2021 across all product categories

,” the statement said.

Fashion delivered solid results, with double-digit growth across all product lines, including leather goods and ready-to-wear

.”

In perfumes, Chanel is pleased to have gained “

market share in key countries

” and the strength of “

local customer demand

”.

The group also mentions “

double-digit growth in sales of watches and jewelry in all regions

”.

Chanel says it has invested $758 million in 2021, including "

significant investments in its distribution network

".

The group has developed its independent boutiques selling perfumes and beauty products, particularly in Asia, and has opened a new leather goods manufacturing site in Verneuil-en-Halatte, France.

Read alsoChanel in Monaco, Sincerely yours

A sustainable investment in digital

In support of its e-commerce business, Chanel intends to continue to invest in digital, "

a key area to support the customer experience

", which notably includes virtual fitting services, appointment online and digital applications available worldwide.

Chanel's sales are similar to those of the Kering group (Gucci, Saint Laurent, Bottega Veneta, etc.), which posted 17.6 billion euros in turnover in 2021, ahead of Hermès (9 billion euros) but far behind the world's number one luxury brand, LVMH, which achieved 64 billion euros in sales in 2021. LVMH's flagship brand, Louis Vuitton alone, achieved around 17 billion euros in sales in 2021 , according to analysts' estimates.

SEE ALSO -

What do we know about the robbery of a Chanel jewelry store in Paris, near Place Vendôme?

Source: lefigaro

All business articles on 2022-05-24

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