“Re Marcello buyout, which gave us the opportunity to gain higher control over the supply chain, turned out to be of paramount importance for the group’s strategy”. While talking to WWD, Manolo Blahnik representatives made such statement. The investment, which allowed the company to take on “77 highly qualified artisans in the group’s work staff”, is “useful to strengthen the group’s perspective while aiming to develop talent and foster shoe-making expertise in favour of future generations”. At present, workers currently employed in the luxury footwear company amount to 186: compared to 2019, their number rose by 170%.
Facing problems throughout 2020
2020 has been a rather complicated year for Manolo Blahnik as well (in the picture, the homonymous fashion designer). In the first nine months of the year, sales went below pre-pandemic expectations. Despite a downturn in overall revenues, the group announced they have “retained and safeguarded all employees”, since the early beginning of the pandemic, and have guaranteed their full salary.
Nevertheless, the luxury footwear brand’s outlook for 2021 remains positive.
Reasons for such confidence lie in the power of the company’s e-commerce platform, which enjoyed a boost in triple figures, and in a fast-growing demand for products for spring 2021, which is going beyond expectations. The news is being reported by WWD.
“Managers are confident that global economies will successfully recover from coronavirus detrimental effects – continued Manolo Blahnik representatives –: at that point, the brand’s value will go up in line with prospective sale expectations”.
Re Marcello buyout
Like we said, 2020 has been a rather complicated year. In contrast, 2019 was a record one indeed. In fact, the business closed last year by achieving its highest turnover ever: 45.3 million euros, and +17% compared to 2018.
Net profits before interests, taxes, amortisations, and depreciation went down to 6.8 million euros owing to a few investments carried out by the company: first and foremost, Re Marcello buyout.
In the picture (taken from La Conceria’s archive): left, Re Marcello; right, Manolo Blahnik
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