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Chanel Flags Weaker U.S. Sales, sees Pickup in China

PARIS, May 25 (Reuters) - Chanel sales in the United States, one of the luxury label's top three markets, have slowed to a single-digit growth rate over the past six months, it said on Thursday, adding to evidence that the post-pandemic spending splurge in the country has tapered off.

"Clearly the trend has softened since November," Chanel's chief financial officer Philippe Blondiaux said of U.S. sales, adding that the U.S. market has enjoyed double digit growth in 2022 but without providing a precise figure.

The increase of sales with Chinese shoppers, in mainland China and as they resume travelling, is "more than enough to compensate the temporary softness in the U.S.," said Blondiaux.

Reporting by Mimosa Spencer, editing by Silvia Aloisi

Source: Reuters

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