US EditionChanel Slows Down Price Hikes After 2024 Sales and Profit Decline
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Chanel Slows Down Price Hikes After 2024 Sales and Profit Decline
Chanel’s luxury glow dimmed last year, with the brand reporting a 4.3% dip in sales to $18.7 billion, the first decline since 2020. Operating profits took a sharper fall, dropping 30% to $4.5 billion. The downturn is prompting Chanel to rethink its aggressive pricing, especially for its sought-after handbags, and scale back expansion efforts in new markets like India, Mexico, and Canada. CEO Leena Nair acknowledged the market strain, explaining,…
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