Companies

Global luxury downturn hurts Manolo Blahnik

Aug 27, 2024 United Kingdom

The UK-based footwear and accessories label has reported that its 2023 sales and profits have been hit by the global downturn in luxury fashion spending, amid a challenging macroeconomic context

Manolo Blahnik reported a 10% year-on-year drop in sales to 106.5 million euros in 2023, while pre-tax profits fell by almost a third year-on-year to 21.9 million euros. “As expected, in 2023, our performance rebalanced off the back of an extraordinary year of sales and consumer demand in 2022, and in light of the challenging macroeconomic and geopolitical environment”, said the CEO Kristina Blahnik.

However, “against this backdrop”, “we are pleased to still be reporting a strong performance in our second-best year ever in line with our business plan”, she highlighted. Anticipating a return of consumer confidence in 2025, the company will continue “to carefully manage costs whilst progressing its strategic global investment plans”.

As part of its international expansion strategy, the company has announced that it will open three stores in Hong Kong and its first store in mainland China in Shanghai this year. There are also plans to open stores in the Miami Design District and Milan.

Source: uk.finance.yahoo.com

Image Credits: https://www.manoloblahnik.com/

Store United Kingdom Footwear Luxury Manolo Blahnik Results Year Results