Manolo Blahnik accelerates DTC strategy as wholesale weighs on 2025 results

Footwear specialist Manolo Blahnik is doubling down on its direct-to-consumer (DTC) strategy after wholesale challenges, particularly linked to Saks Global's bankruptcy, weighed on its 2025 financial performance.

According to WWD, the luxury footwear brand reported turnover of 83.5 million euros for the year ended 31 December 2025, down 3 percent year-on-year. DTC sales, however, rose 14 percent as the company continued to shift its focus towards owned retail and e-commerce channels.

The company posted a pre-tax loss of 1.6 million euros, citing one-off factors including unpaid debts and unshipped goods tied to the financial difficulties of a key US wholesale partner, identified by the media outlet as Saks Global. EBITDA also declined 36 percent to 5.4 million euros, reflecting investment in new store openings.

Despite the setback, the brand said DTC strength has continued into 2026, with the channel seeing double-digit growth during the first half of the year. The company also expects revenue from its major US wholesale partner to recover following the retailer's restructuring.

As part of its expansion strategy, Manolo Blahnik opened new boutiques in Miami, Milan and Costa Mesa during 2025, followed by Beijing in early 2026, while also launching e-commerce in China.

Speaking to WWD, the company’s CEO, Kristina Blahnik, said it had "delivered a year of real resilience and strategic progress", "remaining vigilant and agile to the external pressures on the wider industry".

She added: “We invested with purpose this year — opening beautiful new stores, bringing e-commerce to China and nurturing long-lasting partnerships. Turnover was impacted by one-off factors beyond our control, but beneath everything lies the enduring strength of a brand built over more than 55 years of craftsmanship and artistry. That strength, above all, comes from our people, whose talent, dedication and creativity are the heart of the brand, and who will continue to shape its future.”