Chanel, a French luxury fashion house, recorded a 17.6% drop in revenue to $ 10.1 billion in fiscal year 2020 ended Dec.31, 2020, from $ 12.2 billion in during the previous fiscal year. However, the company’s after-tax profit for FY20 fell to $ 1.3 billion (FY19: $ 2.4 billion), while operating profit was down to $ 2.0 billion. dollars ($ 3.4 billion).
“The strength of the Chanel brand was clearly demonstrated in 2020 as the company achieved a resilient financial performance in a very difficult period for our employees, our partners and for the company itself”, Philippe Blondiaux, CFO Chanel Global, said in a press release.
“Chanel’s emphasis on creativity and innovation, the unique know-how and agility of our teams and our organization, have made it possible to limit the impact of the crisis. At the same time, Chanel continued to prioritize investments to support the long-term health of the brand, with record levels of investments throughout the year, ”added Blondiaux.
In FY20, Europe’s revenues fell 36.4% to $ 2.9 billion ($ 4.5 billion), while Asia-Pacific’s revenues fell by 3.1% to $ 5.2 billion ($ 5.4 billion). In addition, revenues for the Americas fell 15.0 percent to $ 2.0 billion ($ 2.3 billion).
“Faithful to our long-term approach and our commitment to a sustainable business, we have also launched our strategy to combat climate change through the Chanel 1.5 ° mission. The company has made early progress against our scientific goals as we seek to accelerate the transition to a low-carbon economy and help protect the world’s most vulnerable communities and ecosystems. against the impacts of climate change, ”Blondiaux declared in the Liberation.
Fibre2Fashion Information Office (JL)
Chanel, a French luxury fashion house, recorded a 17.6% drop in revenue to $ 10.1 billion in fiscal year 2020 ended December 31, 2020, from $ 12.2 billion dollars in the previous fiscal year. However, the company’s after-tax profit for FY20 fell to $ 1.3 billion (FY19: $ 2.4 billion), while operating profit was down to $ 2.0 billion. of dollars ($ 3.4 billion).