December 30, 2008
The information was confirmed by the CGT: Chanel will terminate 200 fixed-term and temporary contracts, representing approximately 10% of the production workforce, as of December 31. The perfume, cosmetics and accessories sectors would be the first to be affected.
This decision is justified by Chanel's sharp decline in activity, whose growth rate could be zero this year. All the big names in luxury goods are suffering equally from the crisis and it is estimated that sales could fall by a further 3% in 2009.