diff --git a/mypy/subtypes.py b/mypy/subtypes.py
index e1609717e160..a5523fbe0d45 100644
--- a/mypy/subtypes.py
+++ b/mypy/subtypes.py
@@ -2049,8 +2049,9 @@ def infer_class_variances(info: TypeInfo) -> bool:
     if not info.defn.type_args:
         return True
     tvs = info.defn.type_vars
+    success = True
     for i, tv in enumerate(tvs):
-        if isinstance(tv, TypeVarType):
+        if isinstance(tv, TypeVarType) and tv.variance == VARIANCE_NOT_READY:
             if not infer_variance(info, i):
-                return False
-    return True
+                success = False
+    return success