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Two-sided movement of one of the greatest exponents of international luxury. The French maison Chanel has decided to make a major commitment to the Spanish market: to open a flagship store for Europe, in the area par excellence of luxury shopping in Madrid, known as the Golden Mile.
It will be located in the Salamanca district, an area that includes much of Serrano Street, but also Ortega y Gasset, Lagasca, Velázquez, Ayala and Claudio Coello. There, specifically at number 16 Ortega y Gasset street, at the confluence with Lagasca street, Chanel opened in 2015 its flagship store in Madrid. Designed by New York architect Peter Marino, responsible for the image of Chanel stores in the world, the establishment has about 50,000 square feet, spread over two floors (ground and basement) and that, a decade later, will lower the shutter (temporarily) for the brand to release a new flagship that is a reference for the entire European market.
To do this, the maison will not address a change of location, a possibility that has ruled out on multiple occasions despite opportunities for relocations that have arisen in Serrano Street (the shopping street par excellence of luxury). Chanel has decided to double its commercial space in the same number 16 of Ortega y Gasset.
The French brand has taken over two additional spaces, located on the second floor of the same building. These are offices located just above its current store, with an area of about 31,000 square feet, as well as an additional space of about 32,500 square foot that extend above other premises of neighboring luxury brands of the French firm: Loro Piana and Celine.
Chanel has leased two office spaces totaling 65,000 square foot and will be transformed into a commercial area for its new flagship store
These two surfaces will change their use to commercial to double the sales and customer service space of Chanel in Madrid. The investment in the refurbishment is estimated to be between €10 million and €20 million.
For the duration of the works, the Chanel store will close its doors to move a few meters away from its current location. The French brand has rented premises at number 73 Lagasca Street, which until recently housed the furniture firm Unopiu. Since a month ago, the establishment, distributed on two floors, has begun its transformation to house the Chanel store in Madrid.
The move will be temporary, as the brand’s goal is to open a temporary pop-up store there, where it will serve its customers. To this end, it has signed a rental contract for one year, according to the aforementioned sources.
During the works, which could last a year, Chanel will move a few meters away from its store, at 73 Lagasca
The subsidiary headed by Olivier Lechere will undertake a major renovation of its store with the aim of expanding its commercial space and to take advantage of the good moment that the domestic high street is experiencing, with figures never seen before in many brands, especially impacted by international tourism. According to the latest data, corresponding to the month of May, international tourist spending in the Community of Madrid amounted to €1.78 billion, with an average expenditure of €2,024 euros per tourist. In total, in the first five months of 2025, the total expenditure of international tourists increased by 8.1% and reached €46.58 billion.
In addition, the firm has closed the lease in the same building of another 635 square meters that once housed the offices of the Lavinia wine store to install its corporate headquarters there in the capital. Along with the office space, Chanel employees will also have another 100 square meters of terrace in this building, owned by real estate entrepreneur Antonio Revilla.
Chanel, led in Spain and Portugal by Olivier Lechére since 1999, operates directly in the Spanish market through the subsidiary Chanel SL, dedicated to the wholesale of perfumery and cosmetics products. According to the latest accounts available at the Mercantile Registry, Chanel had a workforce of 267 women and 61 men in Spain at the end of 2023.
This company ended 2023 with a turnover of €209.62 million, an increase of nearly 32% compared to €159 million a year earlier. The company posted a net profit of €28.82 million, compared with €18.97 million in 2022.
As Chanel explains in the company’s management report in Spain, “we can see an increase in turnover of 31.6% and positive growth of 8.6% in the fragrance and beauty division, both compared to 2022.“ In the fashion division, the increase noted by Chanel in 2023 was 52.7% compared to 2022, “due to a significant growth of 64% in tourism (now fully recovered from the Covid-19 crisis) and an 11% increase in local customers compared to 2022”.
By nationality, the United States is Chanel’s number one customer in Spain, followed by the local customer and, in third place, the Chinese. The watch and jewelry division recorded a 33% increase in sales compared to 2022, thanks especially to the jewelry business, which posted an 80% increase in turnover.
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