Chanel has struck an optimistic tone as resilient growth across Asia and the US helps the French luxury house offset the hit from lockdowns in China
As with rival upmarket fashion houses, Chanel has been grappling with the lingering effects of the pandemic and stringent citywide lockdowns in China this year, the luxury industry’s biggest market.
Roughly a third of Chanel’s 16 clothing stores and about 100 cosmetics stores in China are closed. Its revenue in the country fell more than 10 per cent in April alone, chief financial officer Philippe Blondiaux said on Tuesday. But that had been offset by “double-digit growth” worldwide in the same month, he added.
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