Chanel reported record-level revenues in 2023 – up 16% (at comparable rates) over 2022 results, to $19.7 billion with double-digit growth in all business categories. Double-digit growth in Asia and Europe sales offset the much-reported U.S. slowdown in luxury spending.
Yet, Chanel lovers can expect another round of price increases in 2024. According to Chanel CFO Philippe Blondiaux, the brand will continue its policy of bi-annual price increases to reflect inflation in raw materials and to achieve its worldwide price harmonization goals.
No doubt this is not what Chanel handbag lovers want to hear. Even die-hard Chanel fans criticize the brand’s multi-year spike in bag prices. In March 2023, the U.S. price of the medium Classic Flap spiked over $10K to $10,200. Barely two months ago, in March 2024, Chanel increased its bag prices roughly 6% taking the U.S. price to $10,800 from $10,200. In Europe, the latest round of hikes brought the price over €10,000 to €10,300.
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