Revenue was US$10.1 billion, down 18% compared to 2019 on a comparable basis at a constant currency rate. Operating profit of US$2,049 million was down 41.4% compared with 2019.

Chanel had a record level of capital expenditure at US$1,120 million, representing 11.1% of sales as well as free cash flow of US$679 million, down 70% compared to 2019.

Sales trends in the fashion department were heavily influenced by the Covid-19 pandemic. Trading was significantly impacted by Covid-19 related restrictions, but Chanel reacted quickly by accelerating the development of new client facing tools with specific content, including an app launched in May in different regions, linking established clients to its fashion advisors and providing concierge shopping services.

Chanel says that it has invested US$1,120 million in capital expenditures in 2020, an all-time high in its history, confirming the financial strength of the house as well as its confidence in the future.