It's a 50 percent increase over 2020 and solidly beats the brand's pre-pandemic performance.
It reached this high mark despite spending $1.8 billion on marketing in 2021, increasing inflation and the pandemic’s longstanding drain on travel-related spending. The company’s chief financial officer Patrick Blondiaux credited the growth to a “balanced” mix of price increases and higher volumes. The company raised its prices three times in 2021 and once again earlier this year, crediting the hikes to the increasing costs of materials and labor.
that some of Chanel’s signature products cost up to twice the amount they’d have set you back before the pandemic.But in spite of these changes, one thing will remain the same: Chanel’s policy that customers who want to buy its clothing, jewels or timepieces buy them in a physical retail environment.
“We are not, and will not, sell fashion or watches online,” Blondiaux said, though he acknowledged that digital platforms play “a key role in customer interaction. We are making a lot of investments in digital tools to connect with consumers and offer services online.” Those tools will include options for booking in-store appointments, virtual try-ons and after-sales services.
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