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Fortune

Prarthana Prakash

Chanel might hold off dividend payment for 2024 as profits tumble by 30%

Chanel Luxury Luca Solca LVMH Massimo Dutti

Angelika Hanel is seen wearing a white linen suit blazer with lapel collar and two flap pockets from Massimo Dutti, a white linen pleated suit trousers from Massimo Dutti, black leather flip flop kitten heels from Toteme, black sunglasses with white trim and logo detail from Chanel, a black Chanel 22 handbag (Credit: Moritz Scholz—Getty Images)

Chanel is the latest luxury company to succumb to a sector-wide downturn that has weakened several of its larger French competitors, including LVMH and Kering.

The London-headquartered tweed suit maker saw revenues and operating profits fall 4.3% and 30%, respectively, in 2024—a sharp drop for a company that had weathered the initial shock of the luxury slowdown.

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