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Chanel's net profit dropped 28.2% to US$3.4 billion in 2024 due to challenging market conditions, particularly in Asia-Pacific where sales fell 9.3%. Global revenue also dipped 5.3% to US$18.7 billion. The luxury brand is hesitant to raise prices due to volatile US tariffs and is awaiting the outcome of ongoing discussions. Despite the downturn, Chanel made record investments in properties and expanded its global store network, particularly in China, and plans further expansion in China, India, and Mexico.
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