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21 hours ago
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Source: AFP
French luxury radical Chanel said Tuesday that it suffered a 28.2-percent driblet successful nett net to $3.4 cardinal past twelvemonth due to the fact that of "challenging" conditions successful immoderate markets.
"We saw challenging macroeconomic conditions which had an interaction connected income successful immoderate markets," the CEO of the fashion house, Leena Nair, said successful a statement. Global gross dipped 5.3 percent to $18.7 billion.
It said the headwinds rise questions implicit whether it volition rise prices, arsenic it typically does doubly a year, successful March and successful September.
Several rivals, specified arsenic Hermes, person already hiked their prices to compensate for the 10-percent tariffs into the US marketplace ordered by President Donald Trump.
Chanel's main fiscal serviceman Philippe Blondiaux told Vogue Business that the concern with the US tariffs was "extremely volatile" and "we are waiting to spot what volition beryllium the result of each the ongoing discussions" earlier deciding.
Chanel 2024 income successful North and South America dipped 4.3 percent, portion those successful the Asia-Pacific portion plummeted 9.3 percent. Revenues from European income roseate 1.2 percent.
Chanel said it made "record" investments successful 2024, notably acquiring prestige properties successful Paris and New York and expanding its planetary web of stores, including successful China and Japan. It planned to prosecute that path, by expanding further successful China arsenic good arsenic successful India and Mexico.
Nair told Vogue Business that China was "one of the astir dynamic and important markets for the luxury ecosystem" and Chanel had opened 15 caller stores determination past year, and planned to unfastened different 15.
Source: AFP
