Chanel, the second largest luxury label after Louis Vuitton, reported 16% sales growth last year to nearly $20bn, double the revenue a decade earlier. Price hikes accounted for more than half of the increase. Chanel designer Virginie Viard, who had worked alongside Karl Lagerfeld and succeeded him after his death in 2019, made her mark at Chanel with breezy, Eighties-flavored renditions of the label's famous tweed ensembles. Like many other luxury companies, Chanel has raised prices considerably since the pandemic, with the classic flap bag costing more than double at over €10,000 ($10,800). Earlier this month, Chanel warned it was entering a more challenging environment, and has had to increasingly defend its lofty prices