Chanel is opening new stores!
Chanel announced that sales in 2021 increased by 50% to $15.6 billion, marking only the fifth time in its 112-year history that the firm has publicly declared annual results.
According to CFO Philippe Blondiaux, growth is being driven by fashion, jewelry, and watches, while beauty and fragrance's performance has been restrained due to the prolonged slowdown in travel retail.
With sales soaring and Chanel vowing not to offer its core leather items and ready-to-wear online, the brand's small base of only 250 fashion boutiques is in risk of becoming overcrowded. In order to "protect" the customer experience, the label aims to hire 3,500 additional personnel and build separate, private stores for high-spending consumers, beginning in important Asian cities.
It's unknown how that decision will be received by the brand's new and occasional customers, who are now spending up to $10,000 for a Maxi 2.55 quilted crossbody bag (similar to Hermès' Birkin and Kelly models). Since the outbreak, Chanel has raised prices several times.
So... Chanel is opening new stores dedicated to their Top Client as sales soar.