French fashion company Chanel`s FY20 sales fall 18% to $10.1 bn

Fashion

French fashion company Chanel`s FY20 sales fall 18% to $10.1 bn

30 Jun `21

2 min read

Chanel, a French luxury fashion house, posted 17.6 per cent revenue decrease to $10.1 billion in fiscal 2020 ended on December 31, 2020, compared to $12.2 billion in the previous fiscal. However, the company’s profit after tax for FY20 slipped to $1.3 billion (FY19: $2.4 billion), while operating profit was down to $2.0 billion ($3.4 billion).

 

Chanel, a French luxury fashion house, posted 17.6 per cent revenue decrease to $10.1 billion in fiscal 2020 ended on December 31, 2020, compared to $12.2 billion in the previous fiscal. However, the company`s profit after tax for FY20 slipped to $1.3 billion (FY19: $2.4 billion), while operating profit was down to $2.0 billion ($3.4 billion).#

“The strength of the Chanel brand was clearly demonstrated in 2020 as the business delivered a resilient financial performance in what was a very challenging period for our employees, our partners and for the business itself,” Philippe Blondiaux, global chief financial officer at Chanel, said in a press release.

 

Chanel, a French luxury fashion house, posted 17.6 per cent revenue decrease to $10.1 billion in fiscal 2020 ended on December 31, 2020, compared to $12.2 billion in the previous fiscal. However, the company`s profit after tax for FY20 slipped to $1.3 billion (FY19: $2.4 billion), while operating profit was down to $2.0 billion ($3.4 billion).#

“Chanel’s focus on creativity and innovation, unique savoir-faire and the agility of our teams and our organisation, helped to limit the impact of the crisis. At the same time, Chanel has continued to prioritise investment to support the long-term health of the brand, with record levels of capital expenditure through the year,” Blondiaux added.

 

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