Chanel reveals “exceptional growth” boosted by makeup sales

Luxury French label Chanel has reported a "strong financial performance" for the third year in a row with double-digit growth across all categories.

During the year, ending 31 December 2023, Chanel's impressive financial results were driven by strong growth across all product lines, demonstrating the brand's unwavering desirability.

Revenues were up by 16% to £15.5 billion ($19.7 billion) and operating profit was up by 10.9% to £5.04 million ($6.407 million). EBITDA was up by 9.4% to £5.42 million  ($6.89 million).

Fragrance & Beauty experienced very strong growth across all categories, particularly Makeup, driven by the continued return of travel retail and sustained growth from local clientele. The year saw the launch of 31 Le Rogue - the first-ever lipstick presented in a glass case.

Leena Nair, Global Chief Executive Officer, commented: "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.

"Our belief in the transformative role of creation, our desire to shape what’s next and our long-term perspective guide our approach. In 2023, we increased headcount globally by 14% 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."

Philippe Blondiaux, Global Chief Financial Officer, added: "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.

"We are confident that the consistency of our long-term approach and the unique strength and appeal of the Chanel brand leaves us well-positioned for the future."