Chanel vs Gucci: Revenue, Profit and Business Model
Chanel reported $19.3B of revenue in FY2025 and $2.9B of net income. Gucci reported ~$6.8B of revenue in FY2025 and — of net income.
Latest financial snapshot
Financial summary
Chanel
Chanel has published annual results since 2018 even though it is private. Revenue grew from $15.6 billion in 2021 to $17.2 billion in 2022 and a peak of $19.704 billion in 2023, slipped to $18.699 billion in 2024 as luxury demand cooled, then recovered to $19.269 billion in 2025. 2025 operating profit rose 5.2% to $4.712 billion (about a 24% margin), while profit after tax fell 14.3% to $2.913 billion. Management said sales accelerated to high-single-digit growth in the second half of 2025 and that momentum continued into 2026; press reports later cited roughly 16% like-for-like growth in the first half of 2026. The Americas grew more than 7% in 2025, while Asia-Pacific, Chanel's largest region, was slightly down.
Gucci
Gucci's numbers show the boom and bust of fashion-led luxury. Under creative director Alessandro Michele and CEO Marco Bizzarri (2015-2022), revenue more than doubled to a peak above ~$11.3 billion (€10 billion) in 2022. When that maximalist look fell out of favour, sales fell to ~$11.2 billion (€9.87 billion) in 2023, ~$8.64 billion (€7.65 billion) in 2024 and ~$6.78 billion (€6.0 billion) in 2025. Recurring operating income fell to ~$1.09 billion (€966 million) in 2025. In H1 2026, revenue was ~$3.12 billion (€2,757 million) (down 9% reported, 5% comparable), but margin improved to 17.0% and Q2 retail sales did 7 points better than Q1.
Revenue and profit by year
Chanel
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $19.3B | $2.9B | 15.1% | +3.0% | Source |
| FY2024 | $18.7B | — | 0.0% | -5.1% | Source |
| FY2023 | $19.7B | — | 0.0% | +14.6% | Source |
| FY2022 | $17.2B | — | 0.0% | +10.3% | Source |
| FY2021 | $15.6B | — | 0.0% | — | Source |
Gucci
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$6.8B | — | 0.0% | -21.7% | Source |
| FY2024 | ~$8.6B | — | 0.0% | -22.5% | Source |
| FY2023 | ~$11.2B | — | 0.0% | — | Source |
Where the revenue comes from
Chanel
- Fashion and Leather Goods
Not disclosed
Ready-to-wear, haute couture, handbags, shoes and accessories sold exclusively through Chanel boutiques. This is the brand's image engine and the focus of price increases and Blazy's creative reset.
- Fragrance and Beauty
Not disclosed
No. 5, Coco Mademoiselle, Bleu de Chanel, makeup and skincare, sold through department stores, perfumeries, travel retail and online. It reaches the widest customer base.
- Watches and Fine Jewelry
Not disclosed
The J12, Première and Boy·Friend watches, Coco Crush jewelry and annual high-jewelry collections, sold in boutiques and dedicated Place Vendôme salons.
Gucci
- Directly Operated Retail and E-commerce
92% (2025)
Sales through Gucci's own boutiques and gucci.com.
- Wholesale and Other
8% (2025)
Selected wholesale partners plus royalties, including beauty licence income. ~$318 million (€281 million) in H1 2026.
Business model and strategy
Chanel
How it makes money
Chanel makes money from one brand sold across two very different businesses. Fashion (ready-to-wear, handbags, shoes, couture) is sold only through Chanel's own boutiques, with no online sales of handbags or clothing in most markets and no discounting. Fragrance and beauty (No. 5, Coco Mademoiselle, Bleu de Chanel, makeup and skincare) reach a far wider audience through department stores, perfumeries and e-commerce.
Growth strategy
Chanel's growth plan rests on creative renewal under Matthieu Blazy, continued price increases on core leather goods, larger and more private boutiques for top clients, expansion in watches, fine jewelry and beauty, and vertical integration of its supply chain.
Competitive advantage
Chanel's advantage is a century-old brand that can be expressed in every luxury category, combined with private ownership. Because the Wertheimer family does not answer to public shareholders, Chanel can keep investing through downturns: in 2025 it opened more than 40 boutiques and invested more than $700 million in suppliers and craft capabilities even as rivals cut back.
Gucci
How it makes money
Gucci makes money mainly by selling its own products in its own stores. In 2025, directly operated retail, including e-commerce, accounted for 92% of Gucci revenue; wholesale and other revenue made up the rest (~$318 million (€281 million) in H1 2026). Leather goods such as handbags, wallets and luggage are the core category, followed by shoes and ready-to-wear.
Growth strategy
The current plan, part of Kering's ReconKering roadmap presented on April 16, 2026, has three parts. The first is creative: Demna's collections, starting with La Famiglia in September 2025 and his first runway show in February 2026, aim to make Gucci feel like Gucci again. The second is commercial: launching new bag lines, tightening distribution and closing weaker stores.
Competitive advantage
Gucci's advantage is a century-old archive of recognisable codes: the GG monogram, the Horsebit, the Web stripe and the Bamboo handle. A new brand cannot copy that kind of heritage. Gucci also sells mostly through its own stores, which lets it control pricing and avoid discounting, and it can draw on Kering's shared platforms for eyewear, logistics, real estate and technology.
Questions about Chanel vs Gucci
Which company has higher revenue — Chanel S.A. or Guccio Gucci S.p.A.?
Chanel S.A. reported $19.3B (FY2025), while Guccio Gucci S.p.A. reported ~$6.8B (FY2025). By last reported revenue, Chanel S.A. is the larger business, with Guccio Gucci S.p.A. reporting a smaller revenue base.
Which is more financially efficient — Chanel S.A. or Guccio Gucci S.p.A.?
Chanel S.A. generates $507k / employee in revenue per employee. A comparable figure for Guccio Gucci S.p.A. requires matching employee and revenue data from the same reporting period.
How do Chanel S.A. and Guccio Gucci S.p.A. make money?
Chanel S.A. and Guccio Gucci S.p.A. generate revenue in fundamentally different ways. Chanel S.A.: Chanel makes money from one brand sold across two very different businesses. Guccio Gucci S.p.A.: Gucci makes money mainly by selling its own products in its own stores.
Is Chanel S.A. bigger than Guccio Gucci S.p.A.?
By last reported revenue, Chanel S.A. ($19.3B (FY2025)) is the larger company compared to Guccio Gucci S.p.A. (~$6.8B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Chanel vs Gucci overview