Manolo Blahnik posts record financial year

Group turnover was up 69% to €118.2m (£102.4m) from €69.9m (£61.4m) in the previous financial year.

Profit before tax more than tripled to €21.9m (£18.9m) for the year to 31 December 2022, up from €6.6m (£5.7m). Last year the brand announced a return to profit having posted a loss of €4.7m (£4.1m) in the previous year. 

Operating profit increased five-fold year-on-year to €23.7m (£20.5m) from €4.6m (£3.9m) in FY21.

The brand said that all channels experienced a strong rebound in consumer demand, with store footfall returning to pre-pandemic levels and ecommerce sales continuing to grow, up 24% year on year.

During the period, the brand benefited from a full year of sales in its two US boutiques – a flagship store on Madison Avenue in New York and a second boutique in East Hampton – demonstrating the “resonance of the Manolo Blahnik brand with US consumers”.

Key highlights over the period also included a worldwide collaboration with Birkenstock that sold out within hours of its launch, bringing huge brand awareness and new customers to the brand, it said.

The group also highlighted “increased interest in occasionwear and embellished designs post pandemic” as boosting growth in the womenswear category, and a brand awareness campaign in the UK and US doing the same for menswear.

Kristina Blahnik, CEO of Manolo Blahnik, said: “We saw another record financial performance in 2022 at Manolo Blahnik Group, with sales across all our channels rebounding very strongly and firmly establishing our position in the US market. 2022 was an extraordinary year of consumer demand, which will naturally rebalance in 2023 given multiple macro-economic headwinds.

“In celebration of exceeding €100m (£88.7m) group sales for the first time in our history, we were very proud to share an exceptional bonus of over €1m (£668,000) with our group employees in November 2022, recognising the hard work and dedication of our teams worldwide and their contribution to reaching this milestone.”