Chanel’s revenue for 2020 has dropped by 18% to US $ 10.1 billion. The fall was attributable to business disruption caused by store closures and travel restrictions, according to the apparel company. However, the retailer’s revenues improved in the fourth quarter of the year. Chanel stated that it, too, will invest US $ 1.12 billion in capital expenditures in 2020, an all-time high in the company’s history.
Chanel has launched a climate change plan, CHANEL Mission 1.5°, as part of its commitment to sustainable business. Chanel’s ongoing focus on creativity and innovation, as well as its particular savoir-faire and team agility, enabled it to mitigate the impact of the pandemic-induced catastrophe.
Founded in 1909, Chanel focuses on women’s high fashion and ready-to-wear clothes, luxury goods and fashion accessories. It generated €10.93 billion in 2019.