2024 D2C shift and investment hit Manolo Blahnik sales, profits, but brand hails 2025 strength

Manolo Blahnik has released its latest annual results (covering 2024) and while turnover and profits were down, this was partly due to a strategy change and heavy investment in new stores, as well as to the wider luxury slowdown.

The luxury footwear and accessories brand reported group turnover of €86.4 million (£74.5 million), down 19% year-on-year as it made that “strategic shift” towards direct-to-consumer (D2C) channels and also faced macroeconomic headwinds. 

That said, the revenue figure still marks “the third-best year on record for the company”.

Meanwhile, EBITDA fell 61% to €8.4 million (£7.2 million), “in line with expectations” and “primarily due to significant investments in the store opening programme” with €4.3 million (£3.7 million) invested in seven new stores worldwide “and a strategic reduction in the brand’s wholesale channels”.

The company explained that the pivot “reflects a commitment to strengthening the brand’s direct connection with consumers”.

As further justification for the move it also said D2C sales saw a 13% increase and now account for 32% of total revenue, up from 22% in 2023. “This growth highlights the success of the strategic shift which began in 2018, aiming for a more resilient and customer-focused business model,” it said.

The company’s strategy of recent years means it’s now available in more locations and markets than ever. And the store openings in 2024 almost doubled its directly operated boutiques worldwide.

And as well as building the business, it has continued  to donate 10% of its annual operating profit to the Manolo Blahnik Foundation, which was formed in 2022, supporting “mental health, animal welfare, and nurturing the next generation”. The latter includes a new undergraduate scholarship programme at the University of the Arts London College of Fashion.

And this year it’s sponsoring Marie Antoinette Style, a major exhibition at the Victoria and Albert Museum, set to open in September. The show will feature 250 objects, including rare pieces never seen outside Versailles. It will also include costumes from Sofia Coppola’s Marie Antoinette movie, featuring shoes designed by Manolo Blahnik.

As for its current trading and outlook, it said like-for-like D2C revenues in June 2025 were up 14% year-on-year, “underscoring the early success of the group’s strategic realignment”, with its e-commerce channel “performing the strongest, with like-for-like sales up 25% in the first half”.

It has “successfully completed the planned consolidation of its wholesale network and its store opening programme is continuing apace”. Following the opening of Miami in March 2025, two further openings are planned for Milan and California later this year.
 
And looking ahead, Manolo Blahnik is forecasting a modest revenue increase in FY25, with “more significant growth expected in FY26 as the benefits of its channel strategy and store investment programme fully take effect”.

CEO Kristina Blahnik called 2024 “a year of bold transformation and meaningful investment. We made significant progress in advancing our long-term strategy to evolve the brand into a more direct-to-consumer-led business, deepening our relationships with customers, enhancing the brand experience, creating strong partnerships with our considered wholesale partners and building a more resilient business model. 

“Amid a downturn in the luxury market, we doubled our number of directly operated boutiques, so I am particularly proud to report a strong sales performance – our third best year to date. Being an independent, heritage brand gives us the rare privilege and freedom to make long-term decisions that build lasting value. We can focus not just on immediate gains, but on shaping a future where Manolo Blahnik continues to thrive and inspire.”