Chanel: There is fatigue for luxury

What will 2025 be like for jewelry? While Christmas sales take off, the big Maisons are taking stock and preparing for the new year. That’s why it’s interesting to note the words of the president of Chanel, Watches and Jewelry division, Frédéric Grangié, during an interview with the Swiss newspaper Le Temps. The manager is worried about sales of high-end jewelry. “Customers are tired of being massacred by luxury prices,” said Grangié in summary, who predicts two difficult years. Somewhat counter-trend, Grangié does not attribute a drop in sales to the general geopolitical situation or the weakness of key markets, such as China, but to customer fatigue with a sector that seems less and less innovative.

While the economy cyclically goes through phases of ebb, then returns to growth, “the third factor is much more worrying and explains why this crisis could last longer than others. You could call it the trivialization of luxury; I call it luxury fatigue,” said the Chanel manager. Excellent and exclusive creations are at the heart of what keeps customers enthusiastic and loyal to a brand, while an overly commercial approach to fuel the growth of the various brands has weakened the charm maintained for many years. In short, those who make high jewelry have tried to sell more than necessary, with too many compromises.