Matthieu Blazy’s debut at Chanel has reignited enthusiasm in a luxury market that has been suffering from a slowdown after years of sharp price increases. Launched in March, the new collection led to queues at the brand’s stores in cities such as New York and Paris and went viral on social media, with videos of consumers showing off products such as calfskin tote bags costing more than €9,000.
The wedding dress worn by singer Dua Lipa, an exclusive Blazy design with 480,000 beads, helped establish a new moment for the French brand. This initial success of Chanel’s new phase, however, increased pressure on competitors — especially LVMH’s Dior, which is also undergoing a creative reformulation under the command of Jonathan Anderson. In a weaker growth environment, analysts estimate that the advancement of one brand may occur at the expense of another, in a scenario described as a “zero-sum game” in the sector.
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To the Financial Times newspaper, Chanel reported that the company’s sales are advancing well in 2026 — above the 2.5% growth projection for the luxury industry in the year, according to Morgan Stanley. The bank estimates that, if the brand grows 10% this year, it could account for around 30% of all global expansion in the luxury fashion and leather goods segment.
For Morgan Stanley analysts, Chanel’s recovery in a context of low demand tends to put pressure on rivals like Dior. The house controlled by LVMH had a 2% drop in sales in the fashion and leather goods division in the first quarter, frustrating expectations of a stronger recovery after two years of decline.
Dior, in turn, adopts a long-term approach. CEO Delphine Arnault said changes in creative direction take time and said Jonathan Anderson’s collections are performing well, especially in the women’s handbag category. Sources interviewed by the newspaper claim that sales of the brand’s bags accelerated in May and June, with a good reception of new models and improvements in China as well.
Experts point out that the two brands are following different strategies. While Blazy bet on immediate impact, with products with strong commercial appeal and clear visuals, Anderson has been gradually refining Dior’s new identity, seeking to balance the maison’s heritage with its own language. Therefore, while Chanel’s approach generates immediate traffic in stores, Dior’s tends to build brand awareness more gradually.
Even trying to recover consumers, both continue to raise prices. Data from Luxurynsight shows that Chanel’s new line of leather goods arrived in stores with prices, on average, 10% higher than those of the previous collection. At Dior, the increase was even stronger: 19% on average, reaching 23% in the case of handbags.
For analysts, this cycle of readjustments helps explain the loss of steam in the luxury market and the intensification of competition between big brands. In a sector that is no longer growing as it used to, gaining share has become less dependent on the natural expansion of demand and more on the ability to win customers from competitors. In this context, the “Blazy mania” became not only a boost for Chanel, but also a new test for Dior.
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