Chanel reports 28% drop in full-year profit

French luxury group Chanel said that it suffered a 28.2-percent drop in net profit to $3.4 billion last year because of "challenging" conditions in some markets.

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"We saw challenging macroeconomic conditions which had an impact on sales in some markets," the CEO of the fashion house, Leena Nair, said in a statement. Global revenue dipped 5.3 percent to $18.7 billion.

It said the headwinds raise questions over whether it will raise prices, as it typically does twice a year, in March and in September.