Like other luxury brands Manolo Blahnik saw sales and profits slide in 2023, but it remains upbeat and is opening stores in Shanghai, Miami and Milan.
for luxury goods, although the company remains upbeat and is planning to open stores in new markets including Shanghai, Miami and Milan.and accessories brand saw sales fall 10 percent to 106.5 million euros, and pre-tax profits tumble 30 percent to 15.4 euros in the 12 months to Dec. 31, 2023.Operating profit remained “strong” at 15 percent of revenue, and the company said it made significant investments in infrastructure and supply chain during the period.
She believes there will be “a continued readjustment to pre-COVID demand” in 2024, and said the company has been using the period of transition to restructure.has been refining its direct-to-consumer and business-to-business models as it puts a larger focus on retail and own channels, and consolidates its wholesale network. Blahnik added that the behind-the-scenes work would put the business in a strong position to grow once consumer confidence rebounds.
The company is also making moves in Hong Kong. Earlier this year, Manolo Blahnik formed a joint venture with Bluebell Group to open a string of stores in the region. Manolo Blahnik and Bluebell have existing partnerships in other Asian markets such as Japan, Malaysia, Singapore and Taiwan.
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