The annual financial report, published on 24 May 2024, confirmed Celine’s revenue growth of +11%, reaching €1,25 billion. The increase was primarily driven by the expansion of the brand’s retail network, which saw a significant shift away from wholesale partnerships.
Celine expanded its workforce in 2023, with total headcount increasing from 769 to 939 employees (+22%). The brand’s investment in talent aligns with its retail expansion and digital transformation efforts.
Celine’s net profit surged by +26% to €465 million, supported by strong margin optimisation and operational efficiency.
| Key Metric |
2023 (€M) |
2022 (€M) |
YoY Change |
| Revenue |
1.253,8 |
1.127,1 |
+11% |
| Net Profit |
465,4 |
370,6 |
+26% |
| Gross Sales – France |
245,2 |
173,8 |
+41% |
| E-commerce Revenue |
55,7 |
63,9 |
-13% |
| Wholesale Revenue |
953,0 |
889,4 |
+7% |
Retail Expansion and Market Strategy
Celine’s 2023 financial results highlight a strategic shift toward direct retail control, particularly in South Korea, and a mixed performance in wholesale and e-commerce. The brand’s expansion efforts and market dynamics differed across regions and sales channels, reflecting a refined approach to luxury retail.
1. Shift to Direct Retail in South Korea
One of the most significant developments in 2023 was Celine’s conversion of its wholesale operations in South Korea into a fully owned retail network.
All Shinsegae department store boutiques, previously operating on a wholesale model, were transitioned into Celine-managed retail locations.
This move aligns with LVMH’s wider retail strategy, which prioritises brand-controlled distribution over third-party retail partnerships.
Why Does This Shift Matters?
Higher margins: Direct retail allows Celine to capture full retail margins instead of sharing profits with department stores.
Stronger brand control: A fully owned store network ensures consistency in pricing, customer experience, and product availability.
Luxury exclusivity: Reducing third-party retailers increases perceived brand exclusivity—a key factor in luxury desirability.
This transition reflects LVMH’s broader vision, as seen with brands like Louis Vuitton and Dior, which have also reduced their wholesale reliance in key markets.
Celine’s wholesale revenue reached €953 million in 2023, reflecting a +7% increase YoY. However, a closer analysis reveals two contrasting trends:
| Wholesale Sales Breakdown |
2023 (€M) |
2022 (€M) |
YoY Change |
| Wholesale to Celine subsidiaries |
818,8 |
705,6 |
+16% |
| Wholesale to external retailers |
134,2 |
183,8 |
-27% |
| Total Wholesale Revenue |
953,0 |
889,4 |
+7% |
Strategic Implications:
Controlled retail environments are a priority: Instead of third-party retailers, Celine prefers selling through its own boutiques or subsidiaries.
Selective wholesale partnerships: The brand is likely focusing on strategic wholesale relationships, reducing exposure to discounting or pricing inconsistencies.
Celine’s financial performance in 2023 varied across regions, with France emerging as the strongest growth driver, while other markets showed more moderate or mixed trends.
In France, revenue surged to €245,2 million, reflecting a 41% year-on-year increase. This remarkable growth was primarily driven by retail expansion and a rebound in tourism, as Paris and other major cities continued to attract high-spending luxury shoppers. The strength of Celine’s physical boutiques in France played a crucial role in this performance, reinforcing the brand’s dominance in its home market.
Across the rest of Europe, specific revenue figures were not disclosed, but performance appears to have remained relatively stable. Celine’s business in key European luxury hubs, such as Italy, Germany, and Spain, likely followed broader luxury industry trends, which saw steady demand but without the dramatic surge observed in France.
The Asia-Pacific region, including South Korea, likely experienced positive growth, particularly with Celine’s strategic shift in South Korea’s retail landscape. The brand’s decision to convert its Shinsegae wholesale boutiques into fully owned retail locations suggests confidence in the region’s long-term potential. This move aligns with a broader trend among luxury brands aiming for greater control over pricing, customer experience, and brand positioning in key Asian markets.
Performance in North America appeared mixed, with no specific revenue figures disclosed. The luxury market in the US faced economic headwinds in 2023, leading to more cautious consumer spending on high-end fashion. While Celine maintained a strong brand presence in the region, the overall market sentiment suggests a slowdown in growth compared to previous years.
Meanwhile, e-commerce sales declined by 13%, generating €55,7 million in revenue. This drop indicates a shift back to in-store shopping. Luxury shoppers are returning to physical stores for high-end purchases. They prefer in-store personalisation and VIP services, which online channels can’t fully replicate. Unlike mainstream brands, luxury houses like Celine restrict high-value items from online sales to maintain exclusivity. Despite this decline, Celine may refine its digital strategy in the coming years to create a more seamless omni-channel experience that integrates online convenience with luxury retail’s experiential appeal.
Overall, Celine’s growth in 2023 was fuelled primarily by France and strategic retail moves in Asia, while e-commerce and North America presented challenges that may shape the brand’s strategic direction moving forward.
Brand Marketing and Business Developments
2023 saw several key initiatives that strengthened Celine’s brand equity:
New collections and fashion shows: Hedi Slimane’s collections received widespread industry acclaim, reinforcing Celine’s positioning in luxury fashion. They are
Winter 2023 Collection (La Collection de L’Arc de Triomphe
): Held at the Palais de Tokyo in Paris, this show blended classic tailoring with Slimane’s signature rebellious edge. Featured sleek leather pieces, oversized outerwear, and sharp silhouettes, reinforcing Celine’s status as a go-to brand for understated luxury.
Summer 2024 Collection (The Age of Indieness
): Inspired by indie rock aesthetics, this collection showcased glamorous eveningwear, fringed jackets, and vintage-inspired prints. The runway show was streamed globally, drawing millions of online views and reinforcing Celine’s digital-first marketing approach.
Celebrity ambassadors: The brand continued its celebrity-driven marketing, featuring stars such as
Lisa of BLACKPINK: Continued as Celine’s leading ambassador, wearing the brand’s latest collections in music videos, red carpet events, and social media posts. With over 100 million Instagram followers, Lisa’s presence significantly enhances Celine’s brand exposure in Asia and worldwide.
Kaia Gerber: Daughter of supermodel Cindy Crawford, she embodies Celine’s effortlessly cool aesthetic. Featured in key advertising campaigns, she continues to attract the younger, Gen Z luxury demographic.
BTS’ V: He was a key part of Celine’s menswear campaigns, appealing to millennial and Gen Z male luxury shoppers. His appearance at Celine’s Paris Fashion Week show drew unprecedented media attention, reinforcing the brand’s crossover into pop culture.
Store openings and renovations: Celine invested in flagship store upgrades, with key locations such as Paris (Celine Montaigne Store Renovation), New York (Madison Avenue Flagship Expansion), and Tokyo (Omotesando Boutique Makeover) receiving aesthetic and experiential enhancements.
Conclusion
Celine’s 2023 financial performance highlights solid revenue growth (+11%), exceeding €1,25 billion, with net profit up 26% to €465,4 million. The shift toward direct retail, particularly in South Korea, alongside strong wholesale management, positioned the brand for sustained profitability.
France emerged as the strongest growth market, while Asia-Pacific benefitted from retail expansion. Meanwhile, North America and e-commerce posed challenges, signaling a shift in consumer preferences. Celine’s brand marketing, celebrity endorsements, and retail investments further reinforced its luxury positioning.
The brand’s shift toward direct distribution was evident, with wholesale to subsidiaries rising by 16%, while third-party retailer sales fell by 27%. Meanwhile, e-commerce declined by 13%, reflecting a shift back to in-store luxury shopping.
With a strong foundation in place, Celine is well-positioned for continued success, driven by brand control, selective retail expansion, and evolving consumer engagement strategies.
Read the full Celine report Here.
For a deeper dive into the financial performance of other top luxury brands, explore the
Valentino 2023 Financial Report here,
Dior H1 2024 Financial Report here, and
Hermes International SA H1 2024 Financial Report here.
Check out other financial analysis article here
Cover Image Courtesy: The Impression