European Luxury Goods A quick look at Chanel FY25 results

Research evidence excerpt

European Luxury Goods A quick look at Chanel FY25 results

J P M O R G A N Europe Equity Research

20 May 2026

European Luxury Goods

A quick look at Chanel FY25 results

Overnight Chanel released its full FY25 results, highlighting a return to topline European Luxury & Sporting Goods

ACgrowth at Group level and some signs of margin recovery. Overall FY25 sales were Chiara Battistini

up 2% organic and +3% reported to $19bn, while EBIT margin improved by 50bps (39-02) 8895-2700

to 24.5% and free cash generation accelerated 44% yoy to $2.6bn (albeit still down chiara.x.battistini@jpmorgan.com

almost 30% vs the 2022/2023 levels). Interestingly, both Leena Nair, Chanel J.P.(AsiaMorganPacific)SecuritiesLimited plc/ J.P. Morgan Securities

Global CEO, and Philippe Blondiaux, Global CFO, noted in interviews, that the

Wendy Liu

brand momentum started to improve in H2 last year (with sales running at HSD% (44-20) 3493-9733

since H2 25), already ahead of the new designer’s shows. According to the high- wendy.liu@jpmorgan.com

frequency data we track, if anything momentum has been steadily accelerating J.P. Morgan Securities plc

since the shows, notably throughout Q1 26, turning Chanel into a much tougher Apurva Vishwaraj

competitor for other soft luxury brands in 2026 in our view (as we discussed in our apurva.vishwaraj@jpmchase.com

note All eyes on Chanel). We report the main snippets and summary of financials J.P. Morgan Securities plc

below: Victoria Saden

(44-20) 3493-0435

• Revenue growth was driven by all business areas, with in particular 1) victoria.saden@jpmorgan.com

“positive performance” in Fashion led by RTW, as well as the new Chanel 25 J.P. Morgan Securities plc

handbag campaign launched this year; 2) Fragrance & Beauty were driven by Specialist Sales contact details: