Chanel Korea Posts Record Sales of $1.38 Billion Despite Profit Dip

SEOUL, March 26 (Korea Bizwire) — Chanel Korea reported record annual revenue of 1.84 trillion won (approximately $1.38 billion) in 2024, marking an 8% increase from the previous year, according to the company’s audited financial statement released on Tuesday. Despite the robust sales growth, the company’s operating profit slipped 1% to 269.5 billion won, while net [...]The post Chanel Korea Posts Record Sales of $1.38 Billion Despite Profit Dip appeared first on Be Korea-savvy.

Chanel was the most popular luxury brand for resale in 2023, according to a recent report, with younger South Koreans actively trading in second-hand “luxury” items. (Image courtesy of Yonhap) SEOUL, March 26 (Korea Bizwire) — Chanel Korea reported record annual revenue of 1.84 trillion won (approximately $1.

38 billion) in 2024, marking an 8% increase from the previous year, according to the company’s audited financial statement released on Tuesday. Despite the robust sales growth, the company’s operating profit slipped 1% to 269.5 billion won, while net profit declined 6% to 206.

1 billion won. Valentin Sénécal, chief financial officer of Chanel Korea, attributed the company’s resilience to “swift adaptation to a changing market environment” and a commitment to preserving the brand’s legacy and craftsmanship, even amid a challenging economic climate. Chanel’s fashion division saw significant success in both its ready-to-wear and haute couture collections last year.

The watches and fine jewelry category also posted strong growth. The brand expanded its footprint with new customer experience spaces, opening L’Atelier in Seoul’s Cheongdam-dong for product aftercare services and hosting a Coco Crush pop-up store in Seongsu-dong to showcase its jewelry line. Chanel Korea increased its investment in brand promotion and marketing activities to 168.

6 billion won, up 1% from the previous year. The company’s workforce composition remains heavily female, with women accounting for 86% of its employees, and a similar percentage holding full-time positions. Notably, over 84% of employees who gave birth last year took parental leave.

Chanel Korea also underscored its growing focus on sustainability and social responsibility. Donations rose 47% year-on-year to 1.92 billion won, supporting organizations such as the Korean Foundation for Women, the Korea Unwed Mothers Families Association, and the Seoul Rehabilitation Hospital.

The brand also continues to support the local arts and culture scene, including sponsorship of the Busan International Film Festival. As 2025 unfolds, Chanel Korea appears poised to maintain its dominance in South Korea’s luxury market while navigating evolving consumer expectations and advancing its sustainability goals ahead of 2026. Lina Jang (linajang@koreabizwire.

com).