The Chanel 2023 earnings are in: CEO Leena Nair addresses executive churn and negative social media commentary.
global chief executive officer Leena Nair and chief financial officer Philippe Blondiaux said the luxury behemoth plans to maintain both its brand strategy and creative direction, despite a slowdown in global luxury spending and mixed online reactions to its latest price increases and ready-to-wear collections.
She underscored that Chanel has more than doubled its revenues and headcount in the last decade. In the last five years, it has doubled the size of its distribution network.in 2019, has been instrumental to the brand’s success in recent years. Under her watch, Chanel’s ready-to-wear business has been multiplied by 2.5 and it grew 23 percent last year alone, Blondiaux said.
“Social media is one form of feedback and we look at it and we learn from it and we always have the humility and curiosity to continuously learn and improve. But if I look at some of the other numbers, client satisfaction across all geographies has gone up. Our brand equity scores have gone up across all demographics,” she added.
The former Unilever executive said it was all part of a carefully prepared succession plan that began with her arrival in 2021. “These retired leaders are loyal friends and advocates of our house,” said Nair, who was keen to counter reports of a mass exodus at the house. “I have a great team. Mood and morale at Chanel is very good. Our people pride and engagement levels are the highest ever been and our attrition levels are the lowest they’ve ever been.”
Chanel’s investments in “brand-support activities” jumped 20 percent last year to $2.46 billion as the company splashed out on global advertising campaigns, high-profile events and client-centric activities in order to keep the brand top of mind.
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