Company News, Financial News

Chanel’s 2020 Sales Tumble 18%

Fares worse than LVMH and other luxury houses.

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By: TOM BRANNA

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Chanel's sales fell 18% last year to $10.1 billion as the pandemic wreaked havoc with luxury goods makers. Operating profit fell more than 41% to $2.04 billion. In comparison, LVMH Moët Hennessy Louis Vuitton's sales fell 16% and Hermés International's sales dropped 6%. Still, CFO Philippe Blondiaux noted that the strength of the Chanel brand was clearly demonstrated in 2020 as the business delivered a resilient financial performance during a very challenging period for employe...

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