Challenges with Chanel
So many of our beloved fashion brands have taken a huge hit financially, due most likely to the pandemic. Brands have been struggling to cope with the loss of sales due to the covid-19 outbreak shutting down stores almost globally. However, despite all the depletion that has occurred, and could continue until the end of the year, global fashion brand Chanel had a 10% increase in growth last year, which was just recently announced.
The french-luxury brand estimated to have $12.3 billion in sales for 2019, which was up from $11.1 in 2018. Fashion shows during fashion week can costs millions, but Chanel never seens to spare any expenses when it comes to their collection debuts. From real sand beaches, to airport terminals, the brand, which is known for luxury, has no problem showcasing it to everyone.
And then the pandemic hit, and no one, not even powerhouse Chanel, could survive the financial turmoil that has come from the disease. Almost every store globally was forced to shut its doors, and today 15% of their stores are still closed, according to a Business of Fashion article. The closures are projected to damage their sales growth for at least the next year.
But Chanel has survived wars, depressions, and the tragic passing of long-time creative director Karl Lagerfeld in 2019. They will surely be able to handle whatever crises comes their way. Even with the pandemic occurring, they still managed to debut their 2020/2021 cruisewear collection, digitally of course.
The seven-minute high-definition video breaks the barrier for the traditional fashion show. It shows models up close and in action, wearing the newest Chanel pieces. While this display may not be enough to salvage the losses from the store closures, it is truly emulative that Chanel will still persevere through any challenge.