Financial Overview

In 2023, Marni reported total revenue of €160.497.190, marking a marginal increase of 0,7% over €159.404.905 in 2022. Despite this growth, cost of sales rose by 2,7% to €101.150.429, leading to a decline in gross profit (MOL) by 2,6%, which totalled €59.346.761 compared to €60.931.071 in 2022.

The profitability challenge was starkly evident in operating income, which fell to -€141.235 from €11.342.864 in 2022, a decline of 101,2%. Net income recorded a loss of €4.064.078, dropping 152,4% from the €7.759.387 profit reported in the prior year. These figures underscore the impact of rising costs and operational inefficiencies, dampening an otherwise stable revenue performance.

Metric	2023 (€)	2022 (€)	Change (€)	% Change
Total Revenue	160.497.190	159.404.905	+1.092.285	+0,7%
Cost of Sales	101.150.429	98.473.834	+2.676.595	+2,7%
Gross Profit (MOL)	59.346.761	60.931.071	-1.584.310	-2,6%
Operating Income	-141.235	11.342.864	-11.484.099	-101,2%
Net Income	-4.064.078	7.759.387	-11.823.465	-152,4%

Geographical and Channel Performance

Marni's geographical performance in 2023 demonstrated resilience and growth in key international markets while highlighting challenges in some established regions:

Region	2023 (€'000)	2022 (€'000)	Change (€'000)	% Change
Italy	38.728	41.366	-2.638	-6,4%
Other Europe	25.146	25.035	+111	+0,4%
APAC	37.559	35.438	+2.121	+6,0%
Japan	25.816	26.863	-1.047	-3,9%
North America	24.593	21.124	+3.469	+16,4%
Rest of the World	1.997	1.200	+797	+66,4%
Total	153.839	151.026	+2.813	+1,9%

Highlights:
- North America and APAC were key growth markets, with revenues increasing by 16,4% and 6,0%, respectively.
- Revenue in Italy and Japan declined, reflecting challenges in two traditionally strong regions.

Sustainability Focus

Marni, as part of the OTB Group, continues to integrate sustainability across its operations. The brand supports responsible leather manufacturing and is a member of the Leather Working Group, promoting sustainable practices in the leather industry (source).

In 2023, OTB Group's sustainability report revealed that certified materials accounted for 17% of total purchases, with a target to reach 25% by 2025. Additionally, 99% of energy for internal operations in Europe was sourced from renewable energy (source).

These efforts demonstrate Marni’s commitment to environmental and social responsibility, aligning with evolving consumer and regulatory demands.

Conclusion

Marni’s 2023 financial performance reflects a year of mixed outcomes, with modest revenue growth offset by significant declines in profitability. The brand's investments in sustainability, creative innovation, and leadership restructuring indicate a strategic focus on long-term resilience and growth in an increasingly competitive market.

Read the full Marni Financial report Here.

Cover Image Courtesy: Marni website