>> he always look different because you were the first indian, and you are always the first, you are always underestimated.

francine: she is in charge of one of the most exclusive luxury brands, chanel. it made the avant-garde mood -- move to a pointer in the top job. previously a human resources veteran, she spent three decades at unilever before switching to a halt could tour -- haut co ulture. for her, it is a chance to make history. >> i want to change the world are looking good doing it. francine: i speak to her about her professional and personal life, how it defines her leadership style and her unique approach at the top of luxury. thank you so much for joining -- for joining us on bloomberg. what is it like being a chanel chief executive? leena: it is the best job in the world, it is creative and

vibrant in the sector is doing well. francine: what kind of difference do you want to make? is it on the business were longevity or what it stands for or sustainability? leena: i want to lead chanel into the future along with my team. and lead it by protecting what is good to us, protecting what is unique about us. and, by evolving as a scaled, iconic business imprint. it is important to understand the context. it is very dynamic with macroeconomic challenges, inflation, complete fragmentation, ecosystems and winning the hearts and minds of people. so we see all of that instantly. ai, there is not a week you do not hear about it.

and internally it will be a phase of rapid growth. in the last 10 years, we have more than doubled our revenue. and more than doubled the people working for us and doubled the distribution presence and the number of countries that we have a presence in. that is a lot of growth. my role in my leadership team's role is to make sure that we make sense of these changes and constantly shaping what is next. francine: chanel was this beautiful high end luxury and everybody wanted the product but it was quite secretive and there has been an opening in the last couple of years through culture events and podcasts. why is that? can a high end luxury company no longer be secretive in 2024? leena: for me never having been in the world of luxury and sophistication did not know what

to expect. it is a very humble company. people are truly humble. you have met many of my teammates. it comes from a sense of do not say things unless we have done them. high integrity. we would rather do things that -- before we speak about them. some of the shyness is to do with that but some of the opening up is how -- is as we have grown larger, with rapid growth and having so many people work for us, it becomes important to be clear and more open about who we are and what we stand for. it is a 100-year-old company and it is important to say what we do to be a beacon of inspiration. francine: is that it why we are buying luxury differently because the clients and customers still want a story which is different? leena: there is no typical clients and no one reason to

engage. we see all kinds of clients. people who are longtime fans, people who are dedicated buyers, first-time buyers. first-time buyers are 30% of our clients, which is a lot. we see a lot of gen z and alpha. 35% will be gen z and alpha. it is the vibrancy and the vitality huge because each of them has a different set of reasons why they engage for gen z and alpha they want to buy less and better because they say it is a financially wise investment. everybody buys for different reasons. for me it is part of continuing to build our brand, our reputation, our company and telling our story in engaging ways to also help with clients. francine: do you have to speak differently to the younger generation? leena: not really.

our story of craftsmanship and our story of how many hours goes into making this jacket like 100 hours, all handmade is still the core of the story, the craftsmanship. it is still how people engage with luxury, the quality and beauty. a thing of beauty gives us all joy. that is a big reason about why people look at luxury and being part of that. and the story of gabriel chanel and her dna and that is constantly moving through radical ways. when she designed clothes it was about the freedom of movement and about anticipating the needs of the modern woman. it was about creating trousers and cross body bags so women could ride bikes and horses. it was about supporting women to be and become whatever they wanted to. it was about being on the

journey of self-discovery. that part of our story does not change. it is a story of supporting women to be and become the best versions of themselves and discover themselves. that story still engages in a matter what age you are. the core does not change. how we see it might change. there are more chanels that you and i can to count today. there is more. the media channels might change, but the core of our story is still very much who we are at chanel. francine: she is like a pioneer. and when you talk about her you are telling a little bit about your story. you have a unique story. you grew up in a town in india where not many females were educated to a higher level. what was that journey like? leena: a long journey. i grew up in a small town in the

southwest of india. and the world of luxury, refinement and sophistication was far away from there. it was a small town like any other. most of my memories army running barefoot in the town or having my little bike. woman -- women being ambitious was not the norm. my mother was constantly telling me who will marry you, you are so ambitious. little accents to role models and opportunities. i did engineering after commencing my family it was good for girls. i quite enjoyed being in the minority. but learning a lot more about the world of technology, which we are all now a part of. i did management studies and worked all over the country as part of unilever will. -- unilever. i worked shop flow, road trucks

going to the train selling the t. it was a fun experience and an adventure. it meant being constantly underestimated. it meant that you always look different because you were the first woman, brown person, the first person of color to lead a global luxury brand. you are always the first or underestimated and people do not know what to expect. they are suspicious of what you might be. along with it becomes the responsibility of making it easier for those who come after you. you feel a tremendous privilege or sense of responsibility which means questioning norms and being a role model, entering as many people as i can and trying to make it easier for others. francine: you like a challenge. is there one you have ever shied away from? leena: you know every single thing i have done it is almost

as if somebody said it cannot be done. when i said i wanted to go on the night shift they said we do not put woman -- women on the night shift. and i said how do i be a successful manager if i do not go on a night shift and see how the people work. it has fueled some of my determination to show this is possible. a sense of i will just go on and do it. it gives me courage because i feel like sometimes i am not just doing it for me but everyone who comes after me. it fuels my determination encouraged. but i do not shy away from challenges and i always have people asking me for advice saying put your hand up for the most difficult job, go in there and lean into things that are difficult and challenging because that gives you the greatest credibility and respect, repetition. francine: coming up, the long-term outlook for luxury,

and the changing role of what it means to be a chief executive. ♪

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francine: chanel is some -- is behind some of the most recognizable designs and fragrances. it is still privately held by the billionaire family. involved with the company over the past century. i continue my rare interview with the chief executive. do you see that again, the high end luxury does not go higher? there are a lot of players in the fashion world and it is really the ones that are very high that will do well and decide some of the price increases that we have seen at chanel? leena: prices are related to cost prices. we use exquisite raw materials and our production, as you know, is very laborious and handmade.

so we raise prices including -- according to the inflation that we see. we have made a commitment to price harmonization across the world. that means a client should not experience excessive private differentials no matter where they are buying. francine: the secondhand market is something we are seeing more and more in the last four to five years. what does that mean for a company like chanel? leena: we have not been on e-commerce and then we said we want the clients to buy from the beautiful stores because we believe that clients must enjoy the immersive experience where the -- they build a relationship with the boutique advisor and assistant which is so magical and cool. francine: how do you see the china market compared to the u.s. market. it is not that volatile. you have a base that stays for

quite some time. leena: china is a very central market because of the fast adoption of luxury and the appreciation of refinement and sophistication. it is a very important and essential market. i came back recently from china and i was happy to see the energy and vibrancy. we continue to run our business for the long term and continue to invest. similarly the u.s., i see the u.s. as a long-term market for luxury. it always has been and markets have an ebb and flow. we just opened a jewelry store on the fifth avenue. it is absolutely breathtaking, designed by peter marino with everything you would expect in nation l boutique, great personalization, intimacy, beauty and things that uplift you. we believe in the markets. francine: it is tough being a

chief executive in 2024 because of the constant change and we do not know what ai brings either. leena: it is more challenging and one of my principles as a leader is about tapping into collective intelligence because i believe the days of the superhero leader are well and truly behind us. the world is so complex with crisis on multiple levels to imagine one individual can have answers to all the questions, no chance. that is why i believe in diverse prospectionist -- perspectives. go around the room and listen to every voice. it is very important i am not just listening to the dominant voices but all of them around the table. francine: that is why you lead by empathy. you lead and left, which is not always easy. leena: in my early days in unilever when i was going to a place in factory and i felt it

was not safe for women, i would go back and fight the battle to make it safer. i was always questioning the norms and challenging what was happening to make it easier for others coming after me. chanel is 60% women and 60% of my management team are women. that is easier to set into place to support the development and the career of all of these talented -- talented women and create a more equal world. francine: will chanel go into menswear? leena: it is a rare time where we have a.c.l. -- female founder, ceo, and director of fashion. it is a rare time. i think we support women everywhere in such a beautiful way. you know, we do make things for men. we have one of the largest selling perfumes for men and i hope it is staying that way. we are by women, for women and

we are here to empower and support them on the jury of becoming. francine: i forgot the perfume. we talk about the foundation because for so long it was all kept in-house. but we also have other brands. how do you see all of these companies working together? leena: yes. you know, we are the world leader in many categories. there is fashion, which is well known. we are in fragrances, beauty and skin care. one of the things with my leadership team we started working on the inspiration for the next 100 years or the 100 years plan. we started putting some building blocks which is having a positive impact on the world and sustainability and the whole idea of women's empowerment. we are one of the largest philanthropic organizations dedicated to women empowerment

and girls. leena: not many people knew that. francine: 100 million as soon isaac came in and we have increased that. we are truly one of the largest organizations. we work with 237 partners in 50 plus countries on beautiful programs that support women to be free to shape their destiny. francine: coming up, how chanel is trying to change luxury and how her background is helping shape her mindset. ♪ (♪♪) what took you so long? i'm sorry, there was a long line at the thai place. you get the sauce i like? of course! you're the man! i wish. the future isn't scary. not investing in it is. nasdaq-100 innovators. one etf.

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francine: she is used to breaking convention and changing norms in the workplace including her transition from unilever and human resources to becoming the chief executive of one of the most prestigious names in luxury. she tells me how chanel's positioning for the future of fashion and what it means for her legacy at the firm. how difficult it is it for a big luxury company to be sustainable. you have very ambitions goals. -- ambitious goals. leena: i would like us to set the bar and other players to be inspired by what chanel does. we are one of the flu players that have publicly set a goal of net zero 23rd -- 2040. for example in emissions we are

reducing our logistics, transports and going to digital, chanel.com so an increase in traffic but a 16% reduction in carbon footprint. francine: how much of this comes from the heart and trying to do good and how much does this also play with consumers because in five to 10 years there will be more focus on this. leena: i think clients believe that luxury is sustainable because we make a few things and we make them beautifully and with hand, and that genuine desire with clients to see us continue just be sustainable will only go up. more gen z and alpha buy because they want to buy less and better which is the right mindset to engage with luxury. it is increasingly important. francine: you need to be a risk taker, the idea that as a chief executive i guess you need to be careful, do you -- is there

anything coming where it will challenge your risk-taking? leena: you know, i think for all of us, it is the world today is so complex and moving fast that you are constantly adjusting. for me, we are a courageous brand because we walk in the footsteps of a courageous woman. gabriel chanel lived the life she wanted. ray justly and passionately made the choices that she wanted. one of her values is audacity. audacity is so important. francine: i actually prefer audacity. it has a certain cache that gabrielle would've loved. you were in charge of hr for unilever. it is a massive company. is it different actually being in charge of a company van being

in charge of hr? leena: when i was moving to chanel a mentor trolled me -- told me that i was doing a quadruple jump. it is change on so many dimensions, public to private, from anglo-. to french heritage. i have weekly french classes. it is hr to ceo. it is change on all dimensions. and luxury is very difference. the preciousness and rarity is not available everywhere. it is the balance between timeless and the quest for new, it is all of that, it is different. to the principles of business and the principles of leadership are transferable across sectors. how to run a business across multiple countries and product categories and multiple geographies and cultures, how to

galvanize and inspire teams across multiple cultures, there are principles because people are people at the end of the day. they have motivations, dreams, aspirations and they want to engage in a particular way. being in chanel has taught me to be more patient and more long-term. quarterly results is a different world. so it has taught me to be more patient and appreciate a lot more. and, i want to change the world but look good while doing it. francine: do you think about your legacy? leena: i do. for me, i hope that people see that i am a purpose led visionary leader which means that you spend a lot of time thinking about what are you doing, what are you giving back and what is the difference you will make. the biggest difference is that

100 years from now people look back and say that we had chanel did stuff that inspires them and helps them question norms about what they are doing. audacious things that have redefined the norms. and supported women everywhere to feel like they can be the best version of themselves. that is something that i would feel good about. if i made a few women dream a little bit more about what they can achieve in their lives i would feel very fulfilled. francine: do you think you will ipo chanel? leena: it is not on the table. we love the privilege of being an independent company and to make long-term decisions 100 years on. francine: best piece of advice and worse piece of advice that you have been given? leena: best piece i'm going to do two.

one is to fall in love with the job you have, do not wait for the perfect job. the other is which my husband tells me a lot is enjoy the journey as much as you enjoy the destination. we are always in a hurry to get somewhere and you get promoted and you are thinking about the next promotion but just enjoy and breathe a bit and enjoy the journey as much as the destination. worst piece of advice, i think most you get when you -- when you get a worse piece of advice you ignore it and forget about it. but you know i have received advice like when i was in many rooms and the only woman in the room so many times in my career. i have received advice like you know stay quiet for as long as you can and try to blend in. and you are already standing out because you look different from the rest and i think that is terrible advice. it is really important to feel

safe to be who you are and it takes courage. and you change by being who you are. francine: thank you so much for joining us today. ♪

>> welcome to