The luxury goods market may not be doing as well as we thought. It has been announced that haute couture’s finest Chanel has ditched 200 staff recently, due to falling sales.

Now, this has come has a real surprise to me. The rich and super-rich should be able to keep on buying what they love despite the credit crunch, but it would seem that that may not be the case anymore. Maybe everyone is tightening their belts.

Chanel is a brand associated with the elite; a designer name that epitomises the true essence of French chic. I can’t say that i imagine the company will fold during this recession, but i think this is a sign of the times and one that we should all wake up and notice off. Lets bear in mind that Chanel does not have a shop on every high street, and stand-alone shops are hard to find. Therefore, sacking 200 people all at once might be considered to be a large number in comparison to the number and locality of the stores.

Please stay afloat Chanel!