Luxury footwear and accessories brand Manolo Blahnik has reported what CEO Kristina Blahnik described as its “second-best year ever,” aligning with the company’s business plan despite a “challenging macro-economic and geopolitical environment.”
Despite the positive outlook, the brand experienced a 10 per cent drop in group turnover for the year ending 31st December 2023, with revenues of € 106.5 million compared to € 118.2 million the previous year. The decline was attributed to the “well-documented global luxury market slowdown.”
The group’s operating profit remained “robust,” staying strong at 15 per cent of total revenues, even as profit before tax decreased by 30 per cent, falling to € 15.4 million from € 21.9 million, in line with expectations.
Amid ongoing market challenges, the company stated it would continue to “carefully manage costs while advancing its strategic global investment plans,” with a focus on the anticipated return of consumer confidence in 2025.
To support growth, Manolo Blahnik is strengthening its presence in key regions, including Hong Kong, where it recently formed a joint venture with Asia luxury brand operator Bluebell Group. The company also plans to expand in North America and Europe, with flagship store openings scheduled for early 2025 in Miami Design District and Milan.
