French luxury house Chanel Ltd said its jewellery business stayed robust in 2020 amid the pandemic, buoyed mainly by continued demand for iconic jewellery collections and the introduction of new designs.

“Watches and fine jewellery sales proved resilient, thanks notably to the dynamism of Precious Jewellery’s Coco Crush that confirmed its icon status through double-digit revenue growth, supported by the release of Coco Slim Ring,” the group reported.

The year 2020 also marked the 20th anniversary of Chanel’s beloved J12 watch, which was re-launched with a calibre 12.1 movement designed by Swiss watch manufacturer Kenissi. Chanel likewise unveiled Tweed de Chanel, its first ever high jewellery collection. Dedicated entirely to tweed, the collection features 45 diamond and coloured gemstone masterpieces.

Overall, group revenues fell 18 per cent to US$10.1 billion compared to 2019. Business in Europe was hit the hardest, shrinking by 36.4 per cent compared to 2019. Americas dropped by 15 per cent while Asia Pacific recorded a 3.1 per cent decline. Chanel’s portfolio includes high-end fashion, fine jewellery and watches, and skincare products.

The luxury firm however achieved positive net cash balance at the end of the year, reflecting recovery in the second half. It also invested US$1.36 billion to support its brands. Philippe Blondiaux, global CFO of the group, commented, “The business delivered a resilient financial performance in what was a very challenging period.”