Maureen Chicquet, the Global CEO of Chanel describes Chanel to The Economist, when she came to it, as an apple: "beautiful underneath, but it needed to be dusted off a little bit". Ripe words, the outside objective eyes are always important for any business but particularly one as historic as Chanel, it is a brand steeped in wonderful history, with incredibly luxurious products. It has survived many challenging economic times in the past, the true test lies ahead.
Being a privately held company, this coupled with the security that one buys when purchasing product from the brand, should provide Chanel with greater fortitude for the coming year compared to other luxury brands. More mass produced luxury brands and products, may find the next year more challenging as disposable income begins to dry up.
Where to from here, Chicquet says the Company will have to "get smarter and more aggressive in some ways about how we're going to spend our money". How this translates will be interesting to see and in what areas we may see this in.