Chanel is the world's second-biggest luxury label, a private company owned by brothers Alain and Gérard Wertheimer. Karl Lagerfeld served as its creative director from 1983 until his death in 2019, bringing fresh designs after years of creative stagnation and extravagant fashion shows. His long-time deputy Virginie Viard succeeded him; though sales rose by half during her five-year tenure, that growth came largely through price hikes during the post-pandemic luxury boom. Sales fell by 4% in 2024 and operating profit was down by 30%.
Matthieu Blazy took over as creative director in April 2025. Critics dubbed the rapturous response to his collections "Blazymania". In 2025 sales and operating profit rose by 2% and 5%, respectively. In the first quarter of 2026 Chanel for the first time topped Lyst's ranking of the hottest labels in fashion. Two of its wares, a pair of square-toe pumps and a chunky handbag, were among the ten most desirable products by social-media chatter. During the Lunar New Year holiday in China, Bernstein counted a 130% increase in foot traffic at Chanel's stores in luxury malls. On April 28th 2026 Mr Blazy held a fashion show in Biarritz. Searches on Vestiaire Collective, a resale platform, for Chanel's signature flap bag rose 132% in the week after Mr Blazy's first show.
Rivals are under pressure: fashion-division sales at LVMH fell by 2% year on year in the first quarter of 2026; at Kering by 3%; Hermès sales rose just 6%, far below its previous pace, and resale prices for its Birkin and Kelly bags have been falling. Luca Solca of Bernstein said: "Chanel is vacuuming most of the consumer attention."
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