EXCLUSIVE: Manolo Blahnik 2018 Sales Hold Steady as Company Seeks to Future-Proof

LONDON — A five-year investment plan aimed at future-proofing the Manolo Blahnik business dented pretax profits in 2018, while sales held steady in the 12 months according to numbers set to be published by Companies House, the official register of U.K. businesses, this week. Chief executive officer Kristina Blahnik has been spearheading the plan, which has seen the company expand — and shape shift — as it readies itself for the future. As part of that plan, Manolo Blahnik began taking control of its North American business, which had been run by longtime license partners. The company also bought its footwear factory and atelier near Pavia, Italy, and opened a string of stores across the globe, most notably at the Palais-Royal in Paris. In the 12 months ended Dec. 31, 2018, sales were broadly flat at 34.3 million euros, while profit before tax was 6.6 million euros, 18.5 percent less than the previous year, and against tough comparisons. Despite the decline, the company said the profit figure was “well ahead” of forecast.   Manolo Blahnik    During the period, net assets rose 13 percent to 36.9 million euros, while the liquidity ratio, the measure of a company’s ability to pay any short-term obligations at a given time, improved

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