10.17.24
Chanel is #9 on our Top Global Beauty Companies 2024 Report.
Below is a look at the company's 2023 highlights, recent acquisitions, best-selling brands, and latest innovations.
#9 Chanel
London
www.chanel.com
According to the luxe retailer, Fragrance & Beauty achieved “very strong growth” across all categories—particularly makeup—”driven by the ongoing return of travel retail and sustained growth from local clientele.” The year included the launch of 31 Le Rouge, the first lipstick presented in a glass case—and refillable—which was a statement of the prestige brand’s commitment to sustainability. Skincare sales rose mostly due to Sublimage, which also launched a line with refillable packaging, and increased popularity in the Asian market. In fragrance, the primary contributors to growth were the Chance Masterbrand and Coco Mademoiselle. N°5 was in line with the previous year.
Online sales were roughly flat year-on-year, with sales gains on its own platforms counterbalanced by a slowdown for retailer e-commerce.
Commenting on the year, Leena Nair, Chanel’s Global Chief Executive Officer, said, “The strong results we are announcing today reflect Chanel’s relentless focus on exceptional creations that inspire. They underline sustained investment in building the desirability of our brand, creating the ultimate luxury experience for our clients, and supporting our people to grow and develop.”
In 2023, Chanel increased global personnel by 14% to more than 36,500 people, expanded its retail distribution network to over 600 boutiques worldwide, and invested significantly in R&D and technology. Chanel also launched its Open Innovation Function to partner with startups, thought leaders, and academic institutions.”
Nair also said that Chanel “continues to contribute positively to the environment and the communities in which we operate. Our House Sustainability Ambition outlines our focus on restoring nature and climate, investing in circularity, supporting those in our supply chain, and promoting the autonomy of women. We are proud of our new Net-Zero 2040 targets validated by the SBTi, which will underpin the continued transformation of our business.”
Philippe Blondiaux, Chanel’s Global Chief Financial Officer, said, “Chanel delivered another strong financial performance in 2023, with double-digit growth across all categories. Sales increased in each of our markets as retail teams continued to nourish relationships with our local clients, while also embracing the continued return of tourist travel around the world.
“After three years of exceptional growth for our industry, we are now entering a more challenging environment. Against that backdrop, and following a record level of investment last year, Chanel will continue to increase investment in the year ahead, whether in our brand, our craftsmanship and savoir-faire, in the continued elevation of our client experience, in real estate, or in our boutique and distribution network. We are confident that the consistency of our long-term approach and the unique strength and appeal of the Chanel brand leave us well positioned for the future.”
In January 2024, Chanel expanded its presence in India, opening its third fragrance and beauty boutique, this one at Mumbai’s Phoenix Palladium Mall.
Amid these successes, have come executive changes.
In January 2024, Christine Dagousset, Chanel’s global open innovation officer and previously global president of fragrance & beauty, left the company.
In July 2024, Chanel’s President of Fragrance & Beauty, Anne Kirby, announced she would be retiring from the luxury house after five years of leading its Fragrance & Beauty division. Kirby has been credited with strengthening the luxury brand’s Fragrance & Beauty division.
Kirby’s sudden announcement followed the recent departure of Chanel’s Artistic Director Virginie Viard and the appointment of Fabrice Raoul as MD of Chanel SAS.
In September, Chanel named Simona Cattaneo as its new President of Fragrance and Beauty. To replace Kirby. Cattaneo was formerly at Tod’s group, and also served at Coty for 5 years as President of Luxury Brands and Chief Marketing Officer.
Reports are that in the third quarter of last year, the luxury sector started to see growth slow in key European and U.S. markets, while China offered disappointing sales.
Chanel saw its total sales in the Asia-Pacific region climb by 17.7% to more than $10 billion. The rise was even higher in Europe, at 18.8%, to $5.6 billion. But the growth was a reported slower 2.6% to $3.9 billion in the Americas.
Chanel opened more than 20 beauty boutiques in 2023, mainly in Asia and the U.S., including in Williamsburg, Brooklyn. It also expanded stateside with Ulta Beauty the retailer upped its offerings in the luxury beauty space.
Below is a look at the company's 2023 highlights, recent acquisitions, best-selling brands, and latest innovations.
#9 Chanel
London
www.chanel.com
Corporate Sales:
$19.7 billionBeauty Sales:
$7 billion (est.)Key Personnel:
- Alain Wertheimer, global executive chairman, and co-owner
- Gerard Wertheimer, co-owner
- Leena Nair, global chief executive officer
- Philippe Blondiaux, global chief financial officer
- Stephane Blanchard, president, U.S
Major Products:
Fragrances, Skincare, and Color Cosmetics from brands including:- Chanel No. 5
- Allure
- Coco
- Chance
- Antaeus
- Les Exclusifs
- Bleu de Chanel
- Sublimage
- Hydramax + Active
- White Essentiel
- Le Blanc
- Hydra-Beauty
- Rouge Allure
- Rouge Coco
- Vitalumiére
- Joues Contrastes
New Products:
- 31 Le Rouge Lipstick
- Hydra Beauty Micro Serum Levres
- Ombre Essentielle Collection
- No. 5 L’Eau fragrance
- Le Rouge Duo Ultra Tenue
- Chance Eau Fraîche Eau de Toilette Twist and Spray
- La Mousse
- Baume Essentiel Multi-Use Glow Sticks
- Noir Allure Mascara
- Ombre Essentielle Multi-Use Top Coat
- No. 1 De Chanel Revitalizing foundation and Eye Serum
Comments:
Privately-held Chanel issues limited financial results, especially per category, but corporate sales at the prestigious atelier rose 16% to $19.7 billion in 2023. Chanel recorded double-digit growth across all categories (fashion, cosmetics & fragrances, and jewelry & watches).According to the luxe retailer, Fragrance & Beauty achieved “very strong growth” across all categories—particularly makeup—”driven by the ongoing return of travel retail and sustained growth from local clientele.” The year included the launch of 31 Le Rouge, the first lipstick presented in a glass case—and refillable—which was a statement of the prestige brand’s commitment to sustainability. Skincare sales rose mostly due to Sublimage, which also launched a line with refillable packaging, and increased popularity in the Asian market. In fragrance, the primary contributors to growth were the Chance Masterbrand and Coco Mademoiselle. N°5 was in line with the previous year.
Online sales were roughly flat year-on-year, with sales gains on its own platforms counterbalanced by a slowdown for retailer e-commerce.
Chanel expanded its presence in India, opening its third fragrance and beauty boutique in the country.
Commenting on the year, Leena Nair, Chanel’s Global Chief Executive Officer, said, “The strong results we are announcing today reflect Chanel’s relentless focus on exceptional creations that inspire. They underline sustained investment in building the desirability of our brand, creating the ultimate luxury experience for our clients, and supporting our people to grow and develop.”
In 2023, Chanel increased global personnel by 14% to more than 36,500 people, expanded its retail distribution network to over 600 boutiques worldwide, and invested significantly in R&D and technology. Chanel also launched its Open Innovation Function to partner with startups, thought leaders, and academic institutions.”
Nair also said that Chanel “continues to contribute positively to the environment and the communities in which we operate. Our House Sustainability Ambition outlines our focus on restoring nature and climate, investing in circularity, supporting those in our supply chain, and promoting the autonomy of women. We are proud of our new Net-Zero 2040 targets validated by the SBTi, which will underpin the continued transformation of our business.”
Philippe Blondiaux, Chanel’s Global Chief Financial Officer, said, “Chanel delivered another strong financial performance in 2023, with double-digit growth across all categories. Sales increased in each of our markets as retail teams continued to nourish relationships with our local clients, while also embracing the continued return of tourist travel around the world.
“After three years of exceptional growth for our industry, we are now entering a more challenging environment. Against that backdrop, and following a record level of investment last year, Chanel will continue to increase investment in the year ahead, whether in our brand, our craftsmanship and savoir-faire, in the continued elevation of our client experience, in real estate, or in our boutique and distribution network. We are confident that the consistency of our long-term approach and the unique strength and appeal of the Chanel brand leave us well positioned for the future.”
2023-2024 Highlights:
At the beginning of the year, Canadian actress Whitney Peak was announced as the new Coco Mademoiselle, “marking a new dawn for the fragrance.” Timothée Chalamet was named as the new face of Bleu de Chanel.
Chanel says it continues to advance its sustainability ambitions, focusing on four key areas: restoring nature & climate, investing in circularity, advancing dignity & opportunity for all those across its business & supply chain, and promoting women’s autonomy.In January 2024, Chanel expanded its presence in India, opening its third fragrance and beauty boutique, this one at Mumbai’s Phoenix Palladium Mall.
Amid these successes, have come executive changes.
In January 2024, Christine Dagousset, Chanel’s global open innovation officer and previously global president of fragrance & beauty, left the company.
In July 2024, Chanel’s President of Fragrance & Beauty, Anne Kirby, announced she would be retiring from the luxury house after five years of leading its Fragrance & Beauty division. Kirby has been credited with strengthening the luxury brand’s Fragrance & Beauty division.
Kirby’s sudden announcement followed the recent departure of Chanel’s Artistic Director Virginie Viard and the appointment of Fabrice Raoul as MD of Chanel SAS.
In September, Chanel named Simona Cattaneo as its new President of Fragrance and Beauty. To replace Kirby. Cattaneo was formerly at Tod’s group, and also served at Coty for 5 years as President of Luxury Brands and Chief Marketing Officer.
Reports are that in the third quarter of last year, the luxury sector started to see growth slow in key European and U.S. markets, while China offered disappointing sales.
Chanel saw its total sales in the Asia-Pacific region climb by 17.7% to more than $10 billion. The rise was even higher in Europe, at 18.8%, to $5.6 billion. But the growth was a reported slower 2.6% to $3.9 billion in the Americas.
Chanel opened more than 20 beauty boutiques in 2023, mainly in Asia and the U.S., including in Williamsburg, Brooklyn. It also expanded stateside with Ulta Beauty the retailer upped its offerings in the luxury beauty space.
