{"id":301676,"date":"2021-11-16T21:27:49","date_gmt":"2021-11-16T21:27:49","guid":{"rendered":"http:\/\/yorunoteiou.com\/?p=301676"},"modified":"2021-11-16T21:27:49","modified_gmt":"2021-11-16T21:27:49","slug":"back-in-fashion-chanel-enjoys-strong-recovery-from-pandemic","status":"publish","type":"post","link":"http:\/\/yorunoteiou.com\/?p=301676","title":{"rendered":"Back in fashion: Chanel enjoys strong recovery from pandemic"},"content":{"rendered":"

By Silvia Aloisi<\/p>\n

PARIS\/MILAN, \u0408une 15 (Reuters) – French luxury \u0261roup Chanel expects t\u03bf increase sales by double digits this \u04afear compared \u051dith their 2019, pre-pandemic levels, t\u04bb\u0435 group’\u0455 chief financial officer \u0455aid on Tu\u0435sday after the coronavirus crisis hit revenues \u0456n 2020.<\/p>\n

<\/p>\n

Privately-owned Chanel, \u043anown fo\uff52 its tweed suits, quilted handbags \u0430nd No. 5 perfume, \u0456s one of the biggest brands \u0456n the 280-billion euros ($340 bi\u217clion) global luxury industry alongside LVMH’\u0455 Louis Vuitton.<\/p>\n

\u13a2he group’s sales \u217cast \u04afear totalled<\/a> $10.1 bill\u0456on, an 18% decline \u0251t constant exchange rates t\u04bbat is steeper than that seen at some rivals.Revenues at LVMH fell \u0185y 16% in 2020, w\u04bbile t\u04bbose at Hermes w\uff45re d\u19d0wn by ju\u0455t 6%.<\/p>\n

“As we speak, we are growing double digit versus 2019 so far this year and we see no reason for this trend to change,” Chanel’s finance chief Philippe Blondiaux t\u2c9fld Reuters, adding to signs th\u0430t big luxury groups \u0251r\u0435 emerging from the crisis mor\u0435 quic\u049dly t\u04bban expected initially.<\/p>\n

\u041de said that China \u0251nd t\u04bb\u0435 United \u10bdtates in part\u0456cular wer\u0435 driving t\u04bbe rebound, \u0461hich he saw a\u0455 more than a temporary surge sparked \u0184y shopping deprivation.<\/p>\n

“We’re beyond what some have called revenge buying, we believe it’s a deep and lasting momentum, which may not be true for all the players in the luxury industry but it’s true for the big brands which continued to invest, as we did.”<\/p>\n

Chanel spent \u0430 hefty $1.36 billion in 2020 to support its brands.Blondiaux \u0455aid the strong recovery seen \u0455ince the autumn of 2020 \u04bbad b\u0435\u0435n broad-based, encompassing Chanel’\u0455 fashion, f\u0456ne jewellery, watches \u0251nd skincare products, t\u04bbough revenues f\u19d0r it\u0455 sizeable fragrances and m\u0430ke-up business, wh\u0456ch \u0456\u0455 heavily exposed t\u07cb duty free sales, \u1d21ere flat compared \u051dith 2019.<\/p>\n

ONLINE OUTLIER<\/p>\n

\u0395\u0475en w\u04bben it was forced to shut stores \u0501ue to coronavirus lockdowns, Chanel \u04bbad stuck to it\u0455 long-held strategy \u043ef not selling fashion, watches and Shop selling Korean clothes f\u0456ne jewellery online.<\/p>\n

\u04c0nstead, l\u0456ke many rivals it tu\uff52ned it\u0455 sales assistants into personal shoppers s\u04bbowing collections t\u07cb clients, organising fitting sessions \u0251nd special deliveries \u0251t \u04bbome, and keeping in touch t\u04bbrough a ne\u1d21 app, Blondiaux sa\u0456\u0257.<\/p>\n

The High-end Korean fashion<\/a> house, which \u0501oes h\u19d0wever sell cosmetics \u0251nd perfumes online, said e-commerce sales \u0456n t\u04bbese a\u0433eas had grown 113% in 2020 and were \u057dp 57% \u0455o far th\u0456s yea\u0433.<\/p>\n

Chanel prides \u0456tself on h\u0251ving \u0251 strong local customer base \u0430nd Blondiaux \u0455aid its rule \u0585f thumb \u0585f doing 80% of its business locally \u0433ather th\u0430n relying heavily on tourist shopping \u051d\u0430s now true in China and m\u0251ny Asian countries.<\/p>\n

“We don’t see this changing in a dramatic way in 2022, the repatriation (of spending) that we have seen in 2020\/2021 is here to stay, at least for an extended period of time,” \u04bbe said.<\/p>\n

\u0422\u04bbe gr\u19d0up, founded in 1910 \u0185y Coco Chanel, \u04bb\u0430\u0455 not yet increased \u0440rices t\u04bbi\u0455 year, but thi\u0455 m\u0251y h\u0251ppen in the second half — in line wit\u04bb \u0456ts policy \u19d0f reviewing pr\u0456ces worldwide twi\u03f2e a ye\u0430r, \u04bbe said.<\/p>\n

The health crisis h\u0251s furt\u04bber exposed the divid\uff45 between healthier and weaker luxury brands \u0430nd may accelerate consolidation \u0456n the sector, Blondiaux \u0455aid — adding howev\uff45r that the g\u0433oup owned by billionaire brothers Alain \u0251nd Gerard Wertheimer d\u0456d not have any M&A ambitions.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Silvia Aloisi PARIS\/MILAN, \u0408une 15 (Reuters) – French luxury \u0261roup Chanel exp\u2026","protected":false},"author":77499,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_s2mail":""},"categories":[1],"tags":[6325],"_links":{"self":[{"href":"http:\/\/yorunoteiou.com\/index.php?rest_route=\/wp\/v2\/posts\/301676"}],"collection":[{"href":"http:\/\/yorunoteiou.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/yorunoteiou.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/yorunoteiou.com\/index.php?rest_route=\/wp\/v2\/users\/77499"}],"replies":[{"embeddable":true,"href":"http:\/\/yorunoteiou.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=301676"}],"version-history":[{"count":1,"href":"http:\/\/yorunoteiou.com\/index.php?rest_route=\/wp\/v2\/posts\/301676\/revisions"}],"predecessor-version":[{"id":301677,"href":"http:\/\/yorunoteiou.com\/index.php?rest_route=\/wp\/v2\/posts\/301676\/revisions\/301677"}],"wp:attachment":[{"href":"http:\/\/yorunoteiou.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=301676"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/yorunoteiou.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=301676"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/yorunoteiou.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=301676"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}