Privately owned luxury brand Chanel has reported revenues of $12.3 billion for 2019, an increase of 13% year on year.

However, on presenting the results, chief financial officer, Philippe Blondiaux, said the negative effects of the covid-19 crisis could hurt the luxury sector for “at least the next 18 to 24 months”.

He said 85% of the company’s stores had already opened again following lockdown measures and that sales were strong in China, while shoppers were also returning in Paris, Berlin and Milan.

But he said this cannot compensate for the lack of international travel that is affecting sales to tourists and business travellers in stores in key cities and in duty-free shops at airports.

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