Manolo Blahnik saw a drop in sales and profit last year, signifying that the renowned shoe retailer was not spared from the global luxury market slowdown.

The company’s turnover declined 10 per cent to €106.5 million (US$116.3 million) and pre-tax profit dipped 30 per cent to €15.4 million (US$16.8 million), Fashion Network reported.

The company attributed the decline to “ongoing macro-economic and geopolitical headwinds in the market”.

It also said that it continues to “carefully manage costs whilst progressing its strategic global investment plans which are focused on an anticipated return of consumer confidence in 2025.”

Despite the lower sales, Manolo Blahnik CEO Kristina Blahnik said that it was still the company’s “second-best year ever” with the results in line with its business plan.

Moving forward, the company is set to open its first Mainland China store in Shanghai by the end of this year.

The company is also slated to open three stores in Hong Kong this financial year, the first at Lee Gardens.

Moreover, the brand maintains its focus on North America and Europe with “key openings” anticipated early next year.