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Chanel’s creative director Virginie Viard is leaving the luxury fashion house, capping a career of almost three decades at the group, which is yet to name a replacement.
Viard was appointed creative director in 2019 following the death of German designer Karl Lagerfeld.
“Chanel confirms the departure of Virginie Viard after a rich collaboration of five years as artistic director of fashion collections,” the company said on Thursday, adding that a new creative team would be announced “in due course”. It did not say precisely when Viard would depart.
Privately held Chanel has annual revenues of about $20bn, which rose 16 per cent last year, despite a softening market for luxury globally following a pandemic-era shopping boom. The brand founded by legendary French designer Coco Chanel has more than doubled in size since 2018, and is among the biggest in sales in the industry after LVMH-owned Louis Vuitton.
Chief executive Leena Nair shrugged off questions about an imminent departure of the designer last month, saying Viard had overseen strong growth in women’s ready-to-wear, which had more than doubled its sales during her time at the helm.
However, Chanel, which sits at the top of the luxury pyramid near high-end brands such as Hermès and is well-known for its expensive tweed suits for women, has faced unusually public criticism recently as some customers have complained about steep price rises and falling quality on some of its products.
The average price of luxury goods tracked by HSBC has risen 50 per cent since 2019, while the cost of a classic Chanel flap bag has more than doubled to top €10,000 in the same period. Chanel says its price increases reflect higher costs of materials and inflation, and that it will maintain its current policies.
Viard’s creations for Chanel have also been criticised for lacking the vision and flair with which Lagerfeld imbued the brand’s clothing and runway shows — although Chanel praised her for “renewing the codes of the House while respecting the creative heritage” of the brand.
Executives have expressed a more cautious outlook for this year but said the brand would continue to build on record investments in its operations and image, with plans to increase that by at least 50 per cent in 2024.
The company, which is owned by the billionaire Wertheimer family and headquartered in London, told the Financial Times last month that it was on the hunt for prime real estate deals amid a rush by luxury groups to secure the most exclusive locations for its brands. It will continue to do deals to further integrate its supply chain, said global chief financial officer Philippe Blondiaux.
