British luxury footwear brand Manolo Blahnik has released its latest fiscal year performance as of December 31, 2023: sales decreased by 10% year-on-year to 106.5 million euros (compared to 118.2 million euros in the previous fiscal year), and pre tax profit decreased by 30% year-on-year to 15.4 million euros, but operating profit remains strong, accounting for 15% of total revenue.
Manolo Blahnik reached a cooperation agreement with Hong Kong luxury brand operator Bluebell Group in March this year to establish a joint venture in Hong Kong, China to expand the local market, and plans to open three stores within the year. At present, the first store has opened at Lee Garden Shopping Center in Hong Kong, and the other two will open later, one of which is located at Pacific Place Shopping Center in Hong Kong.
Manolo Blahnik also hopes to achieve broader growth in the Asian region through a joint venture in Hong Kong
In addition, Manolo Blahnik has also established a foreign-owned company called “Manolo Trading (Shanghai) Co., Ltd.” in mainland China, which is expected to start operations by the end of this year. The brand’s first store in mainland China will be located in Shanghai.
Manolo Blahnik pointed out that North America and Europe are still key markets for overseas expansion, and “key stores” will be opened in early 2025. At the same time, direct stores located in the Design District of Miami and Milan are being prepared.
