10.25.23
Chanel is #11 on our Top Global Beauty Companies 2023 Report.
Below is a look at the company's 2023 highlights, recent acquisitions, best-selling brands and latest innovations.
The company posted double-digit gains across all categories. By region, sales in Asia Pacific rose 14.3% to $8.65 billion. Revenues climbed 29.6% in Europe to $4.72 billion and 9.5% in the Americas to $3.86 billion. This was reportedly the highest revenue total since the prestige company started reporting its financials in 2018.
On releasing the annual figures, Chanel global CEO Leena Nair, said, “The strong performance we are announcing today reflects the strength of our brand, our client relationships, and the freedom of creation that defines everything we do. Since joining Chanel in January 2022 and engaging with our teams across the world, I have experienced the passion and creativity that is reflected in these results.” (Nair joined Chanel from Unilever, where she had held positions in human resources for 30 years.)
In 2022, Chanel’s Fragrance & Beauty category was rewarded with the onset of travel retail, as well as continued demand from local clientele. The beginning of the year saw the launch of N°1 De Chanel, “a new generation of beauty products,” driven by an eco-responsible approach with its use of eco-designed packaging and its formulas that contain up to 97% naturally derived ingredients. The research behind this line is supported by extensive research from Chanel’s Open-Sky laboratory in Gaujacq, France, which is based on the principles of agroecology and agroforestry, to preserve local biodiversity.
Other makeup products launched during the year included Rouge Allure L’Extrait and Les 4 Ombres Tweed which was inspired by Gabrielle Chanel’s tweed creations. Pop-ups and other immersive experiences were again prevalent in 2022, with a celebration of the heritage and craftsmanship behind the House’s iconic fragrances at Le Grand Numéro de Chanel exhibition in Paris at the end of the year. Chanel continued to reduce its own carbon footprint and says it is on track to reach its target of a 50% reduction by 2030.
In March, The Personal Care Products Council appointed Barbara Menarguez, general manager of fragrance and beauty at Chanel, as its new board chair. Menarguez is a 25-year veteran of Chanel, and has also served as the company’s SVP and CFO.
In May, Chanel named actor Timothée Chalamet as the new ambassador of its Bleu De Chanel fragrance. A campaign film, directed by Martin Scorsese, will follow this Fall.
In July 2023, Chanel put increased emphasis on brick & mortar, opening a store in Williamsburg Brooklyn. The store features makeup, skincare and fragrance—but also includes eyewear and small-sized leather items. These freestanding stores are planned for other high-target areas in the U.S., as well as expansion in Ulta stores, in the hopes that customers will become loyal to the brand’s luxe goods and service and gain interest in other brand categories. At press time, to celebrate the launch of Chanel Chance Eau
Fraîche EDP, the “world’s largest prestige brand” opened a pop-up “diner” in Williamsburg, where guests could sit in booths or at a counter to sample select fragrances.
CEO Leena Nair, commented: “As we look forward, our priorities are clear, focused on our belief in the transformative role of creation, our desire to have a positive impact in the world, and to always stay ahead of the curve. As Gabrielle Chanel said: “être de ce qui va arriver”—’to be part of what happens next.’
Read Next: Coty is #12.
Below is a look at the company's 2023 highlights, recent acquisitions, best-selling brands and latest innovations.
Corporate Sales:
$17.2 billionBeauty Sales:
$6.5 billion (estimate)Key Personnel:
- Alain Wertheimer, global executive chairman and co-owner
- Gérard Wertheimer, co-owner; Leena Nair, global chief executive officer
- Philippe Blondiaux, global chief financial officer
- Stephane Blanchard, president U.S.
- Philippe Blondiaux, group chief financial officer
- Hélène Villecroze, eco-design manager
- Barbara Menarguez, general manager of Chanel’s beauty business
Major Products:
Fragrances: Chanel No. 5, Allure, Allure Homme, Coco, Coco Mademoiselle, Chance, No.19, Cristalle, Egoïste, Les Exclusifs, Bleu de Chanel. Skincare: Sublimage, Ultra Correction Lift and Line Repair, White Essentiel, Le Blanc. Color Cosmetics: Rouge Allure, Rouge Coco, Le Vernis, Inimitable, Les 4 Ombres, Vitalumière.New Products:
Chanel Chance Eau Fraîche EDP, No. 1 de Chanel fragrance, Les 4 Ombres Byzance palettes (limited edition), Les Pinceaux de Chanel (brush collection), Camelia Hydrating and Fortifying Oil, Rouge Coco Baume hydrating, tinted lip color.Financial Summary:
Luxury is unquestionably still in style at Chanel, the world’s No. 2 high-end goods maker (behind LVMH), where corporate sales rose 17% in 2022 to a record $17.2 billion. Still, like the case with many of our Top 20, it was price increases that contributed heavily to the bottom line; in fact, half of Chanel’s revenue growth was attributed to price increases.The company posted double-digit gains across all categories. By region, sales in Asia Pacific rose 14.3% to $8.65 billion. Revenues climbed 29.6% in Europe to $4.72 billion and 9.5% in the Americas to $3.86 billion. This was reportedly the highest revenue total since the prestige company started reporting its financials in 2018.
On releasing the annual figures, Chanel global CEO Leena Nair, said, “The strong performance we are announcing today reflects the strength of our brand, our client relationships, and the freedom of creation that defines everything we do. Since joining Chanel in January 2022 and engaging with our teams across the world, I have experienced the passion and creativity that is reflected in these results.” (Nair joined Chanel from Unilever, where she had held positions in human resources for 30 years.)
In 2022, Chanel’s Fragrance & Beauty category was rewarded with the onset of travel retail, as well as continued demand from local clientele. The beginning of the year saw the launch of N°1 De Chanel, “a new generation of beauty products,” driven by an eco-responsible approach with its use of eco-designed packaging and its formulas that contain up to 97% naturally derived ingredients. The research behind this line is supported by extensive research from Chanel’s Open-Sky laboratory in Gaujacq, France, which is based on the principles of agroecology and agroforestry, to preserve local biodiversity.
Other makeup products launched during the year included Rouge Allure L’Extrait and Les 4 Ombres Tweed which was inspired by Gabrielle Chanel’s tweed creations. Pop-ups and other immersive experiences were again prevalent in 2022, with a celebration of the heritage and craftsmanship behind the House’s iconic fragrances at Le Grand Numéro de Chanel exhibition in Paris at the end of the year. Chanel continued to reduce its own carbon footprint and says it is on track to reach its target of a 50% reduction by 2030.
2023 Highlights:
In February, Chanel signed actress Whitney Peak as the new face of its Coco Mademoiselle fragrance—making Peak the first Black face of the brand’s signature fragrance.In March, The Personal Care Products Council appointed Barbara Menarguez, general manager of fragrance and beauty at Chanel, as its new board chair. Menarguez is a 25-year veteran of Chanel, and has also served as the company’s SVP and CFO.
In May, Chanel named actor Timothée Chalamet as the new ambassador of its Bleu De Chanel fragrance. A campaign film, directed by Martin Scorsese, will follow this Fall.
In July 2023, Chanel put increased emphasis on brick & mortar, opening a store in Williamsburg Brooklyn. The store features makeup, skincare and fragrance—but also includes eyewear and small-sized leather items. These freestanding stores are planned for other high-target areas in the U.S., as well as expansion in Ulta stores, in the hopes that customers will become loyal to the brand’s luxe goods and service and gain interest in other brand categories. At press time, to celebrate the launch of Chanel Chance Eau
Fraîche EDP, the “world’s largest prestige brand” opened a pop-up “diner” in Williamsburg, where guests could sit in booths or at a counter to sample select fragrances.
Looking Ahead:
Chanel is expanding its London-based global headquarters, and expects to complete the move by the end of 2025. The French luxury house moved its global headquarters to London from New York City in 2018. They expect to add about 5,000 more employees worldwide this year, totaling over 32,000 people worldwide.CEO Leena Nair, commented: “As we look forward, our priorities are clear, focused on our belief in the transformative role of creation, our desire to have a positive impact in the world, and to always stay ahead of the curve. As Gabrielle Chanel said: “être de ce qui va arriver”—’to be part of what happens next.’
Read Next: Coty is #12.
