Chanel 2023-2024: $19.7B in revenue (up 14.6%), $6.4B operating profit, and the December 2024 appointment of Matthieu Blazy as fourth artistic director
Chanel — privately held since 1954 by the Wertheimer family — disclosed full-year 2023 results on May 21, 2024, the third consecutive year the house has published audited financials publicly. Revenue reached $19.7B (up 16% comparable, 14.6% reported), operating profit $6.4B (up 10.9%), and EBITDA $6.98B (up 9.4%). Asia Pacific contributed $10.2B of revenue (up 17.7% reported), Europe $5.6B (up 18.8% reported), and the Americas $3.96B (up 2.6% reported). On June 6, 2024 the house announced that Virginie Viard — Karl Lagerfeld's longtime deputy who had succeeded him in 2019 — would leave the role of artistic director after five years; she had spent 30 years total at Chanel. On December 12, 2024, Chanel announced Matthieu Blazy, formerly creative director at Bottega Veneta, as the new artistic director of fashion activities. At 40, Blazy is only the fourth designer in Chanel's 100+ year history to lead the house, after Gabrielle 'Coco' Chanel, Lagerfeld, and Viard.
- Story: Chanel — privately owned since 1954 by the Wertheimer family — disclosed full-year 2023 results on May 21, 2024 (the third consecutive year of comprehensive published financials). Revenue reached $19.7B (up 16% comparable, 14.6% reported). Operating profit reached $6.4B (up 10.9%); EBITDA $6.98B; profit after tax $4.73B. Asia Pacific delivered $10.2B of the total at +21.6% comparable growth, Europe $5.6B (+16.4%), Americas just $3.96B (+2.4%).
- Why it matters: On June 6, 2024 Chanel announced Virginie Viard's departure after 5 years as artistic director (she had been at Chanel 30 years total). On December 12, 2024 the house named Matthieu Blazy — former Bottega Veneta creative director, age 40 — as the new artistic director of fashion activities. He is only the fourth designer in Chanel's 100+ year history to lead the house, after Gabrielle 'Coco' Chanel, Karl Lagerfeld (1983-2019), and Viard (2019-2024).
- Takeaway: Asia Pacific (+21.6% comparable) outgrew the Americas (+2.4%) by an order of magnitude in 2023 — the US luxury softness story didn't extend to Chanel's Asia performance.
- Takeaway: $19.7B revenue puts Chanel close to LVMH's largest portfolio brands in scale, despite Chanel being privately held by a single family.
- Takeaway: The Wertheimer ownership structure — single-family, no quarterly earnings reports — is the structural feature that distinguishes Chanel from publicly listed luxury competitors.
Chanel's 2024 transition year
Chanel 2023 by the numbers
Quick facts
The Wertheimer family ownership and the disclosure shift
Chanel has been owned by the Wertheimer family since 1954, when Alain and Gerard Wertheimer's grandfather Pierre Wertheimer's heirs took full ownership after Coco Chanel's death. The Wertheimers operate it as a privately held company, but Chanel has been publishing audited financial results in recent years; 2023 results, released May 21, 2024, were the third consecutive year of publication. The disclosure decision is unusual for a private French luxury house and signals Chanel's positioning toward standards similar to publicly listed competitors.
The 2023 numbers in context
The 2023 result puts Chanel close to LVMH portfolio individual brands in revenue scale. The regional breakdown is more revealing than the headline: Asia Pacific ($10.2B) is more than half of total revenue and grew at +21.6% on a comparable basis — far ahead of the Americas (+2.4%). Europe (+16.4% comparable) also grew faster than the Americas. The implication is that the broader luxury slowdown of late 2023 and 2024 — which hit LVMH, Kering and others — affected the Americas more than Asia for Chanel specifically. Operating profit of $6.4B on $19.7B in revenue implies an operating margin of roughly 32-33%, which is comparable to other ultra-luxury operators.
The Viard departure and Blazy appointment
Virginie Viard had been at Chanel for 30 years total, starting as an intern in 1987 and working as Karl Lagerfeld's deputy until his death in 2019, when she took over as artistic director. Her five-year tenure as the lead role ended in June 2024 when the house announced her departure. Industry coverage at the time framed the exit as a board decision tied to mixed critical reception of her solo collections, though Chanel itself characterized it as mutual.
- Matthieu Blazy appointed December 12, 2024: Franco-Belgian, age 40, previously creative director at Bottega Veneta (Kering portfolio) where his collections drew strong critical and commercial reception.
- Title: 'Artistic director of fashion activities' — responsibilities include haute couture, ready-to-wear, and accessories.
- Historical scale: Only the fourth designer to lead Chanel after Gabrielle Chanel, Karl Lagerfeld (1983-2019), and Virginie Viard (2019-2024). Blazy's first Chanel collection is expected in 2025.
- Bottega Veneta departure: Blazy joined Bottega Veneta in 2021 as creative director after time at Maison Margiela, Calvin Klein under Raf Simons, and Celine.
CEO Leena Nair and operational direction
Leena Nair has been Chief Executive Officer of Chanel since January 2022. She joined from Unilever, where she was the Chief Human Resources Officer for 30+ years across the company. Her appointment was unusual in that her background sat outside fashion-industry operations or luxury-house pedigree — a signal that the Wertheimer family valued operating discipline and people-strategy capabilities over fashion-pedigree credentials in the chief-executive role. The 2022-2024 commercial trajectory under Nair plus continued artistic-direction transition represents Chanel's broadest leadership reset in a generation.
Frequently asked questions
When did Chanel start publishing financials?
Chanel began publishing audited annual results in 2018 (covering 2017). The 2023 results (released May 21, 2024) were described in Chanel's own communications as the third consecutive year of comprehensive published financial results. The disclosure is unusual for a privately held luxury house.
Who actually owns Chanel?
Chanel has been owned by the Wertheimer family since 1954. Alain Wertheimer and Gérard Wertheimer are the principal owners. The house was acquired after Gabrielle 'Coco' Chanel's death by the family that had originally partnered with her in 1924 on the No. 5 perfume business.
What was Matthieu Blazy doing before Chanel?
Blazy was creative director at Bottega Veneta (Kering portfolio) from 2021 to late 2024, where his work drew strong critical and commercial reception. Earlier in his career he had roles at Maison Margiela, Calvin Klein under Raf Simons, and Celine. At Chanel he is responsible for haute couture, ready-to-wear, and accessories — the full creative scope.
Why did Virginie Viard leave Chanel?
Chanel announced Viard's departure in June 2024 after five years as artistic director. Industry coverage framed it as a board decision following mixed critical reception of her solo Chanel collections; Chanel itself characterized it as mutual. Viard had been at Chanel for 30 years total, starting as an intern in 1987 under Lagerfeld and serving as his deputy before stepping into the lead role after his February 2019 death.
What region drives Chanel's growth?
Asia Pacific is the largest region by revenue ($10.2B in 2023) and grew fastest on a comparable basis (+21.6%). Europe is second-largest ($5.6B, +16.4% comparable). The Americas was the laggard at $3.96B and only +2.4% comparable growth — consistent with the broader pattern of US luxury softness through late 2023 and 2024 that affected most ultra-luxury houses.
Sources & references
- Chanel Limited Financial Results for the Year Ended 31 December 2023 (Chanel press release, May 21, 2024) — Primary source for 2023 revenue, profit, regional breakdown.
- Chanel's full year 2023 sales accelerate to 19.7 billion dollars (FashionUnited) — 2023 results coverage.
- Chanel Revenues Rise 16% to $19.7 Billion Amid Luxury Slowdown (The Impression) — Detailed regional breakdown.
- Chanel announces Matthieu Blazy as its new artistic director (CNN, December 12, 2024) — Primary coverage of the Blazy appointment.
- Matthieu Blazy is Going to Chanel (Fashionista, December 2024) — Blazy biographical detail and historical context.