Chanel upbeat on 2022 growth despite China, recession risk

div classBodysc17zpet90 cdBBJodivpPARIS Reuters – Chanel is confident it will deliver another year of solid growth despite a decline in sales in China because of a new round of lockdowns since March, its finance chief told Reuters on Tuesday.p

pPhilippe Blondiaux said in an interview that around a third of Chanels beauty and perfume stores in China were currently closed as well as 5 of its 16 fashion and jewellery shops in the country, due to the antiCOVID restrictions.pdivdivdiv classBodysc17zpet90 cdBBJodiv

pBut he added that in the month of April, despite a doubledigit decline in Chinese revenues, the company had reported a doubledigit increase in sales worldwide, with other Asian countries and the U.S. market performing strongly.p

pBlondiaux was speaking after Chanel reported revenues of 15.6 billion for 2021, up 49.6 compared to the previous year.p

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pp Reporting by Silvia Aloisi and Mimosa Spencerp

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