Chanel’s profits have suffered at the hands of the luxury spending slump, according to a report published by Reuters. The luxury goods giant saw operating profit dive 23 percent in the year to December 31, to US$1.6 billion.

Revenue was also down, dropping 16.9 percent to US$6.24 billion, according to a report published by WWD. However, the numbers are thought to exclude sales of perfumes and cosmetics, which are also estimated to have reduced considerably, sinking 21 percent to US$2.91 billion according to Reuters.  

Chanel has refused to comment on the figures, or release a breakdown of regional or divisional progress.