According to The Business of Fashion, French luxury giant has released its financial statements for the past few years.
Previously, Chanel's financial performance went public only a few times in the brand's 110-year history, with the latest report released in 2018 amid rumors of the company's sale.
It follows from the new financial report that the brand's revenue declined in 2020 due to the coronavirus pandemic and the closure of the brand's boutiques around the world. Chanel’s revenue fell by 18% last year to $10.1 billion. The brand suffered most from store closures and the suspension of international tourism during the Covid-19 pandemic. Nevertheless, the fashion house did its best and now enjoys strong recovery from pandemic. Chanel developed a number of digital tools during the pandemic, when its boutiques were closed, to help its sales staff stay in touch with clients, organize fitting sessions at home and get products delivered
"We are firm and we remain firm on our principle, which is not to sell them online,” Chanel's finance chief Philippe Blondiaux told Reuters. "We believe that our boutiques remain at the center of the relationship, that our fashion advisers will remain at the center of the relationship. And the fact that our boutiques were closed was not contradictory to building very personalized relationships, thanks to all the digital tools that we have developed and accelerated even in 2020,” Blondiaux said.