Read across from Chanel‘s 2025 results

研报英文原文证据摘录

Read across from Chanel‘s 2025 results

Update

July 7, 2026 09:16 AM GMT

Morgan Stanley & Co. International plc+MLuxury Goods | Europe Edouard Aubin

Equity Analyst

Read across from Chanel's 2025 Edouard.Aubin@morganstanley.comGrace Smalley, CFA +44 20 7425-3160

Grace.Smalley@morganstanley.com +44 20 7425-9629

results Natasha Bonnet

Natasha.Bonnet@morganstanley.com +44 20 7677-5723

Despite a relatively adverse environment in 2025, sales of the Cedric Norest

Chanel brand continued to grow and expand market share at the ResearchCedric.Norest@morganstanley.comAssociate +44 20 7425-1462

expense of other brands.

Brands

Europe

Key Takeaways Industry View In-Line

Luxury brands under our coverage slightly underperformed Chanel brand in

Exhibit 1 : Luxury benchmarking: Top line

2025.

growth yoy at cons. FX in 2025

We estimate that Chanel was the second-largest luxury brand last year in terms +34.3%

of turnover and equivalent retail sales.

+16.0%+14.0%+11.6%+11.0%+9.1%+8.9%

Matthieu Blazy's first collection in March could prove to be a further catalyst for +5.0%+3.7%+3.0%+3.0%+3.0%+1.8%+1.0%+0.1%

-5.0% -6.0% the brand. -1.0% -1.3% -3.8% -10.0%-12.3%

-19.0%

Our latest channel checks point to a strong 2Q for the F&LG division.

Miu Brand Group Group Group Chanel SW Veneta Miu VC&A JM Hermès Bulgari Brand Burberry Vuitton Brand Cucinelli

B. Prada Zegna Prada Ferragamo F&LGLVMH LaurentSaint Kering Dior Gucci Richemont Richemont Moncler Moncler Bottega We remain of the view that in the context of anemic industry growth the revival Richemont

of the Chanel brand likely comes at the expense of peers. Source: Company data, Morgan Stanley Research

Note: Vuitton and Dior figure are as per Morgan Stanley estimates (Dior is

Couture only)