Luxury logos like Chanel's and Hermes' may seem like simple designs, but the logos were intricately made so that they would coincide perfectly with their company's luxury image. Jenna Giles, a writer for Round Peg, recently experimented with logos to prove the kind of impact they actually have on the consumer.
Giles swapped the colors and typography of well-known logos with famous fashion labels. For example, she deliberately switched the aesthetics of two companies that couldn't be any more opposite: Hermes and Dunkin' Donuts. The two logos are cringe-worthy to look at; Hermes no longer looks like a luxury label and the Dunkin' Donuts logo just looks down-right awkward.
Visual identity clearly plays a huge part in branding and I doubt you will see Chanel switching over to a logo that resembles Fisher Price's after seeing these examples.