Philippe Blondiaux

The French couture and beauty giant is easing off punchy price increases and investing in new markets including India, Mexico and Canada, CEO Leena Nair and CFO Philippe Blondiaux told BoF, as sales slid for the first time since 2020.

A difficult 2020 hasn’t shaken the brand’s decision to sell its core fashion and leather goods in-store only.

The French megabrand blew past $12 billion in sales in 2019, but it's not immune to the devastating financial effects of the coronavirus pandemic and expects to see significant contraction well into next year.

The strategy is aimed at getting closer to consumers and building image in a space where niche players have flourished.

'Chanel is not for sale, Chanel is not preparing for an IPO. I just want to reconfirm that for the hundredth time this year,' said Global Chief Financial Officer Philippe Blondiaux in an interview with BoF.