Over time, the pronunciation of "ch" evolved in French, becoming the "sh" sound we know today. However, the spelling remained the same when the word was borrowed into English.
This is similar to other words with "ch" that are pronounced with a "sh" sound, like "machine" and "champagne". These words also reflect the evolution of French pronunciation over time, where the "ch" digraph shifted from a "k" sound to a "sh" sound.