Strategic Brand Developments and Expansion Initiatives
Rick Owens actively pursued global expansion in 2023, reinforcing its presence in the Asia-Pacific region with significant retail investments. Key developments include:
- The opening of a flagship store in Hong Kong in September 2023, strengthening the brand’s footprint in APAC.
- The launch of mono-brand corners in Singapore and Kuala Lumpur in October 2023, enhancing accessibility in key fashion hubs.
- A book signing promotional tour in Tokyo and Seoul in November 2023, reinforcing brand visibility and community engagement.
- The publication of a new monograph by Rizzoli in March 2023, celebrating the brand’s artistic journey.
- The acquisition of a manufacturing facility in Manerbio, Italy in July 2023, aimed at increasing in-house production capabilities.
- Rick Owens planned to open new flagship stores in key luxury hubs, including Shanghai (Q2 2024) and Los Angeles (Q3 2024), to strengthen direct-to-consumer engagement.
- The brand enhanced its global e-commerce infrastructure, focusing on localized experiences and direct consumer engagement in China and North America.
- Following its manufacturing facility acquisition, Rick Owens is investing in sustainable material sourcing and expanding low-impact production processes to align with ESG goals.
These initiatives align with Rick Owens’ long-term strategy to integrate vertical manufacturing, enhance direct-to-consumer channels, and cement its reputation in both emerging and established markets.
Rick Owens' financial statement for 2023 presents a record-breaking performance across several key financial indicators:
| Key Financial Metrics |
2023 (€ Million) |
2022 (€ Million) |
% Change (2022-23) |
2021 (€ Million) |
% Change (2021-22) |
| Total Revenue (Totale valore della produzione) |
130,30 |
109,28 |
+19,23% |
86,27 |
+26,67% |
| Operating Income |
20,18 |
25,04 |
-19,40% |
14,29 |
+75,22% |
| Net Profit |
14,39 |
17,98 |
-19,96% |
9,66 |
+86,12% |
The revenue surge was driven by robust sales in both the wholesale and retail channels, with the brand maintaining its stronghold in global luxury markets. Despite inflationary pressures and geopolitical uncertainties, consumer demand for Rick Owens’ designs remained resilient.
Sales distribution by region and channel highlights the brand’s strategic market penetration:
Regional Breakdown:
| Geographical Region |
2023 (€ Million) |
2022 (€ Million) |
% Change (2022-23) |
2021 (€ Million) |
% Change (2021-22) |
| Italy |
22,30 |
20,32 |
+9,74% |
16,56 |
+22,70% |
| Europe |
21,29 |
18,03 |
+18,08% |
21,39 |
-15,70% |
| Outside Europe |
81,36 |
69,00 |
+17,91% |
46,31 |
+48,99% |
| Total |
125,26 |
107,36 |
+16,67% |
84,27 |
+27,40% |
- Italy – Sales increased by 9,7% YoY in 2023, reaching €22,3 million. Growth was supported by a stable domestic luxury market and the brand’s strong wholesale relationships.
- Europe (Excluding Italy) – The region recorded 18,1% growth in 2023, with revenue climbing to €21,3 million. This was driven by improved mono-brand retail expansion and growing e-commerce penetration. However, sales have not yet recovered to 2021 levels.
- Outside Europe (APAC & North America) – This segment saw the strongest growth at +17,9% in 2023, contributing €81,4 million in revenue. The surge was led by flagship store launches in Hong Kong, rising demand in Tokyo and Seoul, and strong brand presence in North America.
Sales by Channel
- Wholesale – A key revenue driver, the wholesale business benefited from increased orders from high-end department stores and multi-brand boutiques, particularly in Europe and North America.
- Retail (Physical & Online) – Direct-to-consumer channels saw the highest growth, fueled by flagship store openings and digital expansion. E-commerce sales gained momentum as Rick Owens optimized its digital experience.
Cost Structure and Profitability Trends
While revenue grew significantly, net profit declined by 20%, attributed to:
- Rick Owens' parent company, Owenscorp Italia S.P.A., recorded cost of sales surging to €58,4M in 2023, marking an 18,7% increase from €49,2M in 2022. This reflects higher production volumes, rising material costs, and global expansion efforts, as the brand continues to scale its operations while maintaining strong profitability.
- Increased investment in marketing and global expansion.
- A one-time €5,8 million legal provision for a tax dispute, impacting the bottom line.
- Owenscorp Italia S.P.A.’s gross profit hit €71,9 million in 2023, up by 19,7% from €60,1 million in 2022, reflecting strong sales growth and premium pricing.
2024 Brand Developments and Future Outlook
Rick Owens continues to expand its global presence in 2024, driven by strategic retail growth, innovative collaborations, and a strong brand identity.
Key Developments in 2024:
- Retail Expansion in APAC: Strengthening its presence in China and Southeast Asia, leveraging the region’s growing luxury demand.
- Moncler Collaboration: Launched in October 2024, featuring a demountable mountain refuge and apparel collection, blending avant-garde aesthetics with functionality.
- Exclusive Fashion Show: January 2024 saw Rick Owens host its AW24 menswear show at his Paris residence, reinforcing its commitment to intimate, immersive experiences.
Strategic Focus for 2024 & Beyond:
- Further APAC Expansion, with a focus on direct retail growth.
- Ongoing Product Innovation, including high-profile collaborations.
- Strengthened Digital Presence, optimizing e-commerce and consumer engagement.
Read the full Rick Owens Brand report Here.
Interested in financial insights from other top luxury brands?
Read the Celine 2023 Financial Report here
Loro Piana 2023 Financial Report here
Valentino 2023 Financial Report here.
Find more financial analysis here.
Cover Image: Rick Owens x Moncler collection, courtesy Moncler website.