Manolo Blahnik reports record sales in 2021
Luxury footwear and accessories brand Manolo Blahnik had a strong 2021, returning to profitability and reporting record sales for its 50th anniversary year.
In a statement, Manolo Blahnik said it was a “strong financial performance,” filled with international growth and global online development, and its turnover was up 65 percent to 69.9 million euros during 2021, up from 42.3 million euros in 2020.
2021 also marked a return to profitability as profit before tax increased to 6.5 million euros from a loss of 4.7 million euros in the previous year. EBITDA, or earnings before interest, taxes, depreciation and amortization, increased to 8.8 million euros from 500,000 euros.
The group said it achieved record sales, with like-for-like sales in the year up 47 percent, despite pandemic-related store closures in the first quarter in several key markets, including Asia and Europe. This was offset by strong global e-commerce sales, with the brand recorded triple-digit growth in the year, and continues to be a growth area, added Manolo Blahnik, as “customers more regularly choose to browse and shop online”.
Manolo Blahnik returns to profitability as it marked its 50th anniversary year in 2021
In 2021, the brand also solidified its US presence, opening its head office and new flagship on Madison Avenue in New York, as well as a second store in East Hampton. Both have experienced "encouraging sales” in their opening year, added the brand.
Manolo Blahnik also marks its 50th anniversary with a capsule collection and debuted its first virtual experience on its website. Both it adds were “incredibly well received globally and marked a significant milestone in the brand’s history”.
Kristina Blahnik, chief executive of Manolo Blahnik, said: “We are delighted to be reporting such a strong performance in the 50th year of Manolo Blahnik. Group sales hit record levels and we further consolidated the brand’s position in the US with the opening of our New York flagship and our first store in East Hampton.”
2022 is also shaping up to be a strong year for the brand, following a landmark victory in a long-running trademark dispute in China in July 2022, which now means it can use its name, and sell its footwear offerings, to customers across mainland China.
“Since the year end, we have continued to make excellent progress with exceptional sales and a hugely meaningful victory for the brand in the long-running trademark case in China which is a market we look forward to developing in the years to come,” added Kristina Blahnik.