Share FacebookTwitterPinterestLinkedinWhatsappTelegramEmail 130 Outside Africa Society Despite the coronavirus pandemic slowly getting under control, French luxury goods company Chanel predicts that the lingering effects on the economy will impact the luxury sector for at least the next two years. More Articles You Would Love #OOTD: Could You Wear A Suit On Your Big Wedding Day? See This Stunning Bridal Suit By Elizabethan Pictures: See Images From Inauguration Of Nigeria’s Delta Fashion Designers With The Governor of Delta State “We anticipate that the external environment will continue to impact the luxury sector negatively for at least the next 18 to 24 months,” says Chanel’s CFO Philippe Blondiaux in an interview with Reuters. Despite these predictions, the group has seen a 13 percent growth since 2019 and expects to end the year profitable. Previously having to shutter many of its retail locations, almost 85 percent of the group’s stores have now opened, with a massive sales rebound in China with some weeks going over 100 percent. Business is starting to resume in Paris, Milan, and Berlin as well, according tot he CFO. “This very strong performance with the local clientele will be insufficient to compensate for the absence of international business, for the absence of international visitors and for the fact that our duty free business… is still to a very large extent closed,” Blondiaux said. Preparing for the grim future, Chanel has decided to reduce advertising costs and promotions, cutting production, as well as reworking fashion shows. Looking at the bigger picture, consultancy firm Bain & Company says the $310-billion luxury goods sector may see sales plummet by up to 35 percent this year. Share FacebookTwitterPinterestLinkedinWhatsappTelegramEmail Christy Dagenham More For You #BeautyOfTheWeek: Proud Jamaican Influencer Anthena, Scoops Our BOTW of the Week With Her... Fashion Week Organizers from Across Africa Assemble in Ethiopia to Forge A Cohesive... Leading Ghanaian Menswear Brand ‘Kustom Looks’ Takes Over ‘All Africa Games 2023’ With... #OOTD: Berla Mundi Serves Haute Couture As She Shakes The Net With A... VIDEO: Arisar (Barbados) @ Accra Fashion Week 2023 VIDEO: Wig Wearing Black Mom Hospitalized With Horrific Skin Reaction & Illness After... A Detailed Insight Into Ethiopia’s TechStitched Fashion Program & The Participating Fashion Weeks... Cornrows With Cowry Shells: A Red Carpet Show Stopper & A Modern Twist... PICS: To Much Glamour; Check Out Bonang Matheba, Swanky & More At The... AFI Reschedules Cape Town Fashion Week For 2024 Leave a Comment Cancel ReplyYou must be logged in to post a comment. This site uses Akismet to reduce spam. Learn how your comment data is processed.