LEENA NAIR made waves when she became the first India-born woman to lead a major luxury brand as the global CEO of Chanel in 2022. Now, with two years under her belt, she has quashed all doubts which arose from her being the ultimate fashion outsider with a background in human resources at an FMCG firm.
In Nair’s second year as CEO, Chanel expanded its retail distribution to over 600 boutiques worldwide, increased global headcount by 14%, invested in R&D, and launched its Open Innovation Function to partner with start-ups and academic institutions. In CY2023, it posted a 16% YoY growth in revenue to $19.7 billion in constant currency terms, while operating profit rose 10.9% to $6.4 billion. Asia-Pacific revenue jumped 17.7%, and Europe grew the most at 18.8%.
The London-headquartered firm nearly doubled its capital expenditure to $1,227 million in 2023, as it grew its retail distribution network — it opened a twin boutique on the Via Montenapoleone in Milan, reopened its flagship boutique in Beverly Hills and expanded its Chanel and Moi Les Ateliers network. Last year, the company also registered strong growth in its fragrance and beauty segment driven by travel retail. — Arnika Thakur