Last week, after Chanel released its 2024 report, the phrase “sales slide” appeared in numerous headlines—a reference not only to a 4 percent decline in global sales at the megabrand, but also a 28 percent drop in profits. But these results didn’t shake me. After all, Chanel is a private company that only publishes its numbers to appease the nosy press. Chanel also reported $3.4 billion in post-tax earnings, and spent $1.8 billion on capital expenditures (a 43 percent increase from the previous year), plus $2.5 billion on “brand activities,” from marketing to off-piste runway shows catering to loyal clients. The company added nearly 1,900 employees, too. It was an investment year at Chanel.