LONDON – Manolo Blahnik saw sales and profits decline in fiscal 2023 due to a drop-off in demand for luxury goods, although the company remains upbeat and is planning to open stores in new markets including Shanghai, Miami and Milan.
The London-based footwear 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.
The company, which is privately owned, said that despite slowing demand for luxury, performance was in line with expectations.
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.
The results will be published in the coming days on Companies House, the register of businesses in the U.K.
Manolo Blahnik said it is expecting a “return of customer confidence in 2025,” which will coincide with its expansion plans into new markets in China, North America, and Europe.
“As expected, in 2023 our performance re-balanced off the back of an extraordinary year of sales and consumer demand in 2022, and in light of the challenging macro-economic and geopolitical environment. Against this backdrop we are pleased to still be
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