Chanel charts a new course amid luxury sector slowdown

Chanel, long seen as a bellwether of the global luxury market, reported a 4.5 per cent decline in sales for 2024, falling to 18.7bn dollars, as economic pressures and shifting consumer behaviour weighed on the industry. Operating profit fell more sharply, down 28.2 per cent to 4.5bn dollars, according to results released on Tuesday. The downturn marks a notable contraction at one of the sector’s most resilient houses—renowned for its ability to defy broader market turbulence.