Even before Matthieu Blazy’s debut collection hit stores this March, resulting in a well-documented Chanel-mania, the French house had rebounded.
Chanel revenues grew 1.8% to $19.3 billion, on a constant currency basis, in 2025, while operating profit was up 5.2% to $4.7 billion. (In 2024, the house’s revenues decreased 4.3%.)
“We laid the foundations for this performance in 2024 with record levels of investment, which you will remember us talking about last year. And it’s this long-term approach to investment that fueled a year of exceptional creative momentum, which we see positively impacting the 2025 numbers and contributing to the continued strength of our brand,” Chanel global CEO Leena Nair tells Vogue. Following record levels in 2024, capital expenditure remained high, increasing from $1.76 billion to $1.4 billion. In 2025, the house opened 41 boutiques — 26 fragrance and beauty, seven fashion, and eight watches and fine jewelry — invested $700 million in the vertical integration of its supply chain, and increased focus on the client experience.
Blazy’s well-received collections are expected to contribute positively to 2026 figures. “It’s been wonderful to see the excitement around our brand and Matthieu’s collection, which have been celebrated for their craftsmanship, creativity, and interpretation of the Chanel brand codes with a joyful twist,” Nair says. “Looking ahead to 2026 and beyond, we will continue to invest in our fundamentals, our brand, our client experience, our sustainability transformation, our savoir-faire, our commitment to having a positive impact on the world. We are on track and confident for the year ahead and beyond.”
Chanel’s growth in 2025 places it right in the middle of a polarized market. LVMH sales dipped 1% in 2025, Kering sales were down 10%, while Hermès sales were up 8.9% and Prada Group up 8%.
By region, Chanel’s growth in 2025 was led by the Americas (up 7.2%) and Europe (up 2.5%), the latter of which was driven by France, Italy, and Spain. Asia-Pacific was down 0.8%, despite improvements throughout the year, particularly in South Korea and Japan. By category, ready-to-wear led a strong performance in fashion, alongside the new Chanel 25 handbag campaign starring Dua Lipa. Fragrance and beauty was driven by the former, notably Chance Eau Splendide, as well as skincare. Growth in the watches and fine jewelry division was guided by strong momentum across the Coco Crush range and high jewelry, as the jewelry “supercycle” continues.
Global CFO Philippe Blondiaux emphasizes the momentum that began in the second half of the year. “[There’s been a] return to growth for all categories, and really a strong momentum in the second half of 2025, with high-single-digit growth rates basically across all product lines, and geographies,” he tells Vogue. “A momentum that has continued through to the first few months of 2026.”
On the current performance since Blazy’s collection arrived in-store, Nair says: “Matthieu is one of the most talented designers in the world. He has brought new energy, a lightness, a strong focus on fabrics and materials, and a house story, while immersing himself in the history of our brand. He shakes everything up while respecting the craftsmanship and bringing a new way of working with the métiers d’art. But Matthieu’s collections have been in boutiques only since March 2026, so it’s really early to talk about numbers and the impact on the totality of the business. Early indicators are very good; clients are excited, staff are excited. It’s great to see.”
The Métiers d’Art collection, which was presented in a New York subway in December and will hit stores in June, is set to sustain this upward trajectory. “ I’m in the US, and I must say that last week traveling in the US, everyone is so excited about the Métiers d’Art collection,” Nair explains. “The whole collection is a love story to New York, and they can’t wait.”
Despite the buzz surrounding Blazy’s collections, explosive growth shouldn’t be expected. The executives plan to pursue steady, incremental growth, instead. “We’ve always taken an approach to growth that is right for the long-term strength and desirability of our brand. Going back to 2025, all three businesses — fashion, fragrance and beauty, and watches and fine jewelry — contributed to growth,” Nair says. “We always invest and plan for the long term; this is our strength.”
