Luxury group Chanel has reported revenues of $18.7 billion for 2024, which represents a fall of 5.1% compared to the previous year.

Asia Pacific remained the biggest region for Chanel sales, with revenues of $9.2 billion. This figure is down by 9.3% compared to sales there last year.

Sales in the Americas were down too, falling by 4.3% to $3.8 billion, but there was growth in Europe, where revenues of almost $5.7 billion represented an increase of 1.2% year on year.

Chief executive, Leena Nair, said macroeconomic and geopolitical volatility had affected sales in some markets.

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