Manolo Blahnik will open stores in Shanghai, Miami and Milan
British luxury footwear brand Manolo Blahnik has seen sales and profits fall in its 2023 financial year due to weaker demand for luxury goods, although the company is optimistic it plans to open stores in new markets this year, including Shanghai, Miami and Milan, reports WWD.
Sales at the London-based footwear and accessories brand fell 2023% in 10 to €106,5 million.
The company said that despite the slowdown in demand for luxury goods, the results were in line with its expectations.
Operating profit remained “strong” at 15% of revenue and the company said it made significant investments in infrastructure and supply chain last year.
Manolo Blahnik expects a “return of customer confidence in 2025”, which will coincide with its expansion plans in the markets of China, North America and Europe.
Manolo Blahnik CEO Christina Blahnik called 2023 “the second best year in history according to the company's business plans,” noting the challenging macroeconomic and geopolitical environment affecting consumer demand.
She believes 2024 will see a "continued adjustment to pre-COVID demand" and said the company has used the transition period to restructure the business.
Manolo Blahnik is improving its direct to consumer and B2B models, paying more attention to retail and its own online sales, as well as consolidating its wholesale network.
Blahnik added that the work will put the business in a strong position for growth once consumer confidence is restored.
Manolo Blahnik will begin trading in China this year and intends to open its first store in Shanghai. The company is also taking steps to develop sales in Hong Kong. Manolo Blahnik recently formed a joint venture with Bluebell Group to open a number of stores in the region.
The opening of the brand's first boutique in Hong Kong took place on March 22 at Lee Gardens Shopping Centre, with a second planned for the last quarter of 2024 at Pacific Place Shopping Centre. A third store is also in the works.
Manolo Blahnik and Bluebell already have partnerships in other Asian markets such as Japan, Malaysia, Singapore and Taiwan.
The company also plans to expand in other markets. In early 2025, Manolo Blahnik will open flagship stores in the Miami Design District and Milan, two cities where it has not previously had direct retail sales.
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British luxury footwear brand Manolo Blahnik has seen sales and profits fall in its 2023 financial year due to lower demand for luxury goods, although the company is optimistic and...
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