Manolo Blahnik‘s strategic shift to direct-to-consumer is taking hold.

The brand’s financial results for the year ended Dec. 31, 2024, showed a DTC sales increase of 13 percent, representing 32 percent of total revenue, up from 22 percent in 2023. The shift toward a customer-focused business model began in 2018.

The luxury and accessories brand also strengthened its DTC contact points, investing in seven new store locations and markets as it also strategically reduced its presence in wholesale channels. Those investments, and macroeconomic headwinds that have contributed to a global luxury market slowdown, led to EBITDA, earnings before interest, taxes, depreciation and amortization, of 8.4 million euros, reflecting 61 percent decline, from year-ago levels. Group sales were down 19 percent to 86.4 million euros, reflecting the shift to DTC and the global luxury market headwinds.

“This result is in line with expectations and is primarily due to significant investments in the store opening program,” the company said, noting that the capital expenditure for store investments totaled 4.3 million euros. The company also said that despite the decline, group sales in 2024 marked the “third-best year on record” for the brand, following two consecutive record-breaking years in fiscal year 2022 and fiscal year 2023.

Citing 2024 as a year of bold transformation for Manolo Blahnik, chief executive officer Kristina Blahnik said: “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.”

Despite a downturn in the luxury market, she said the company was able to report strong sales performance, helped by the doubling of the number of directly operated boutiques and the creativity of the brand’s team to propel the brand forward.

“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,” she added.

Looking ahead, the company has heavily invested in its 2025 Miami and Milan store openings. Miami opened in March, while Milan is slated to open later this year. On the horizon is a store opening in California, also planned for later this year.

The company said like-for-like DTC revenues in June 2025 were up 14 percent year-over-year, with the group’s e-commerce channel performing the strongest as like-for-like sales rose 25 percent in the first half. Given the current sales trends, Manolo Blahnik is projecting a modest revenue increase in fiscal year 2025, with more significant growth expected in fiscal year 2026 as the “benefits of its channel strategy and store investment programmed fully take effect,” the company said. It also noted that the firm remains financial resilient “with no external debt and a strong liquidity position.”

A highlight in 2024 was its 10 percent increase in headcount, driven by retail expansion. The firm last year also confirmed its exclusive sponsorship of “Marie Antoinette Style,” a major exhibition at the Victoria and Albert Museum that is set to open in September 2025. Featuring 250 objects, including rare pieces never seen outside Versailles, it will also include shoes designed by Manolo Blahnik and costumes from Sofia Coppola’s Oscar-winning film “Marie Antoinette.”

The company continues to donate 10 percent of its annual operating profit to the Manolo Blahnik Foundation, formed in 2022 to support mental health, animal welfare and nurturing the next generation, including a new undergraduate scholarship program at the London College of Fashion, a part of the University of the Arts.

The brand’s high heels continues to be a mainstay of celebrities. Actress Vanessa Kirby in June wore the brand’s Palomo sandals in Mexico while promoting her movie “Fantastic Four: First Steps,” and Lindsay Lohan wore a pair of Manolo Blahnik’s stiletto sandals in July when she appeared on “The Tonight Show Starring Jimmy Fallon” to promote her film “Freakier Friday.” And U.S. First Lady Melania Trump wore the brand’s BB105 pumps when she attended the final match of the FIFA Club World Cup at MetLife Stadium in East Rutherford, N.J., also in July.