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

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.

Meanwhile, its capital expenditure jumped 43% to $1.8 billion as Chanel expanded its stores and targeted new markets and creative endeavors.