The global recession seems to be kicking the French marque de grand luxe while it's down, with the house showing 200 of its Paris staff the door. Le Parisien newspaper reports “In the little world of luxury goods, the news has had the impact of a bombshell”.
Up until recently, high-end fashion labels have claimed to be weathering the storm, attributing their success to continuing demand for luxury products from China, Russia, and other emerging economic powers.
But it would appear that the honeymoon is finally over, with even the nouveaux riches steering clearing of Paris' 'golden triangle' boutiques, located off the Champs Élysées. Equivalent high-end fashion locations in New York and London have been similarly deserted, and business in Japan has hit a new low.
Looks like Chanel might have to tighten the belt further still in coming months.
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