chanel limited financial results year ended december london may key financial highlights record year investment revenues billion compared operating profit million decrease compared positive net cash balance end year confirming chanel financial strength record capital expenditure million increase compared investment million support brand activities including client events free cash flow million combined strong balance sheet leena nair global chief executive officer commented following period exponential growth saw challenging macroeconomic conditions impact sales markets year brand expect ebbs flows philosophy always act long term view propelled singularity chanel brand last year invested record high levels boutique expansion client experience creative ecosystem savoir faire another year exceptional creation across house spellbinding métiers art show hangzhou west lake viewed show ever first maison beauté passy paris new dedicated watches fine jewellery flagship boutiques new york taipei begin new chapter house chanel welcome matthieu blazy new artistic director fashion activities luxury one vibrant dynamic sectors world chanel remains focused beacon inspiration next century beyond investing boldly inspiring creations protecting differentiation positive impact world philippe blondiaux global chief financial officer commented last year period record investment prioritised real estate acquisition enhanced client experience savoir faire advanced sustainability ambition increasing investment maintaining high levels brand support activities investing continuously people direct impact profitability chanel take long term view everything aligned approach maintained solid financial structure balance sheet key underpinning chanel strong brand equity future expanded global footprint new boutique openings prime locations including iconic fifth avenue new york nanjing chengdu tokyo beyond maintain momentum invest significantly worldwide distribution network mean expansion markets india mexico well new boutiques mainland china japan canada continue deliver ultimate client experience based constant exchange rates comparable structure key highlights fashion marked continued momentum positive reception clients ready wear haute couture collections notable métiers art show west lake hangzhou showcasing collection inspired gabrielle chanel beloved chinese coromandel screens cruise collection replica show hong kong showing strong savoir faire expertise studio team last year chanel also celebrated return grand palais grand patron spring summer ready wear collection business experienced challenging context mainland china partially offset strong performance japan europe fragrance beauty driven makeup skincare strong performance travel retail year saw expansion rouge lipstick collections launch sublimage lotion new formula higher concentration active ingredients developed depth research development strengthening growth skincare category fragrance campaigns included chance film bleu chanel directed martin scorsese starring timothée chalamet margot robbie became new ambassador embodying luminous bold femininity highly viewed campaign film see starring actress jacob elordi builds century storytelling unique timeless fragrance highlighting woman chooses path watches fine jewellery experienced dynamic growth driven strong performance iconic coco crush launch high jewellery sport collection collection inspired gabrielle chanel love sport combining elegance performance exceptional savoir faire finest craftmanship also core new chanel haute horlogerie horlogerie capsule collections couture clock inspired thimbles scissors pins tools daily work rue cambon ateliers year also saw opening flagship boutiques fifth avenue new york taipei iconic landmark city first flagship taiwan region dedicated entirely watches fine jewellery chanel invested strongly capital expenditure primarily focusing global retail distribution network included new watches fine jewellery flagship boutique new york new chanel moi les ateliers location seoul dedicated space offer care alteration services enhance longevity fashion creations opening chanel first maison beauté passy paris offering personalised treatments fragrance masterclasses developing savoir faire chanel made number acquisitions investments including stake high end watch making brand protecting long term presence key locations around world chanel also acquired avenue montaigne paris overall headcount increased continued focus training mobility people completing onboarding leadership management development programmes people harnessing internal mobility opportunities within company advancing careers arts culture initiatives worldwide continued champion creative audacity extending chanel century commitment arts chanel culture fund fostered vibrant network creators programmes chanel art partners supporting art leaders development long term cultural initiatives chanel next prize chanel announced new artists accelerating future success access resources mentorship building house strong legacy supporting women girls chanel continued commitment fondation chanel independent charity one largest corporate foundations world dedicated women girls funding million foundation supports funds wide range partners globally impact lives million women girls across areas safety economic social autonomy climate resilience providing access vital services resources chanel continued invest innovation accelerating innovation programmes across house open innovation function continued encourage culture innovation working start ups academic institutions experimenting immersive technologies enhance boutique experience chanel also invested partnerships including mit media lab led internal intrapreneurship programmes encourage community innovators key sustainability highlights chanel continues progress sustainability ambition across house beyond focusing four key areas restoring nature protecting climate investing circularity supporting dignity opportunity particularly autonomy women chanel committed target reach net zero greenhouse gas ghg emissions across value chain validated science based targets initiative sbti absolute targets scope company carbon footprint includes integrated suppliers chanel carbon footprint reduced building last year reduction result multi year climate strategy scope emissions combined decreased comparison scope emissions decreased comparison chanel sourced electricity renewable sources track achieve goal highlights include continued investment sustainable buildings achieving leadership energy environmental design leed certifications across projects including boutiques points sale offices distribution centres end chanel leed certified projects globally continued development chanel moi range tailor made services designed provide lasting attention care chanel creation commitment covers product lines applies boutique worldwide also embodied chanel moi les ateliers currently locations around world providing clients dedicated space ultimate care repair alteration services revive preserve time uniqueness chanel creation extending chanel partnership university cambridge dedicated education innovation supporting emerging leaders leaders key operational teams upskilled fashion teams developing environmental improvement programmes intensive sprints comparable change measures growth across sales channels excluding impact foreign exchange fluctuation comparable legal entity structure excludes revenues current prior year business acquisitions disposals represent full year revenues comparable revenue determined using exchange rates applied reporting year periods presented press enquiries teneo jonathan sibun laura marshall chanel teneo com chanel chanel limited private company parent chanel group world leader creating developing manufacturing distributing luxury products founded gabrielle chanel beginning last century chanel offers broad range high end creations including ready wear leather goods fashion accessories eyewear fragrances makeup skincare jewellery watches chanel also renowned haute couture collections presented twice yearly paris acquired large number specialised suppliers collectively known métiers art chanel dedicated ultimate luxury highest level craftsmanship brand whose core values remain historically grounded exceptional creation chanel promotes culture art creativity savoir faire throughout world invests significantly people sustainable development innovation end chanel employed people worldwide