Group sales for the 12 months were down 10% year-on-year to 106.5 million euros (£91 million), but the London-based fashion brand said the results were “in line with expectations” and that it had been its “second-best year ever”.
“Given ongoing macroeconomic and geopolitical headwinds in markets, the Group continues to manage costs prudently while progressing with its strategic global investment plan, focused on the expected recovery in consumer confidence in 2025,” the company said in a statement.
The company acquired its UK global headquarters on Old Burlington Street in Mayfair in September 2023. The new headquarters is 14,500 square feet and also houses a showroom.
The group also announced plans to expand in Asia, opening three stores in Hong Kong and its first store in mainland China in Shanghai this year. The group continues to open stores in North America and Europe, with new stores scheduled to open in early 2025. Planned stores include a flagship store in Miami Design District, a new city for the brand, and Milan.
Christina Blahnik, CEO of Manolo Blahnik, said: “As expected, we have bounced back in 2023 given the extraordinary year of sales and consumer demand in 2022, as well as the challenging macroeconomic and geopolitical environment. However, despite this backdrop, we are pleased to still be able to report strong results, our second-best year on record, in line with our business plan.”
“The strategic progress we’ve made in developing our global expansion plans for 2023, and our investment in our team, infrastructure and new London headquarters, position us strongly to grow as consumer confidence returns.”
