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Mango foresees to achieve record sales in 2023

Dec 22, 2023 Spain
Mango foresees to achieve record sales in 2023
Amid an expansion of its retail footprint, the Spanish-based fashion retailer foresees ending the fiscal year with sales of more than 3 billion euros, which would represent a double-digit growth over 2022
In its 40th-anniversary year, Mango expects to achieve “record sales”. For fiscal, 2023 it expects to improve the current record of 2.68 billion euros in 2022 to more than 3 billion euros, underpinned by a positive performance of all channels, including the online.

With nearly 2 700 stores in over 115 markets worldwide, the fashion retailer aims to consolidate itself as one of Europe’s leading fashion groups. In 2023 alone, it opened 130 new stores, renovated 80 and expanded its online sales to 20 new countries. This year also saw the company’s entry into the US market (states of Texas, Georgia, and California), where it has about 20 points of sales.

Future

The company announced that it will promote several initiatives “to increase the stability and solidity” of the group in 2024. These include the presentation of its 2024-2026 Strategic Plan in March, a “new roadmap” centred on “strengthening its differentiated value proposal”, committed to innovation and sustainability, “and driving sales through the major expansion of its store network and the growth of all its channels”.

By 2026, Mango expects to open 500 new stores, “focusing its efforts on key markets such as the United States, Spain, France, Italy, the United Kingdom, India, and Canada”.

On the leadership front, it was also announced that the fashion group opened its share capital to its Chief Executive Officer, Toni Ruiz, who now owns 5% of the share capital. “His entry in the share capital of Mango is a recognition for his outstanding management of the company in recent years, which has translated into excellent results, but, above all, represents my strong belief that his vision will contribute to the continuance, solidity and growth of Mango in the future”, commented Mango’s founder, Isak Andic.

Mango will also expand its Board of Directors from four to nine members in March. The new Board of Directors will be composed of Isak Andic, Non-executive Chairman; Toni Ruiz, Chief Executive Officer; Jonathan Andic, Daniel López and Margarita Salvans, as executive board members; and four independent board members: Jordi Canals, Professor and Chairman of the Centre for Corporate Governance of the IESE Business School; Jorge Lucaya, a founding partner of AZ Capital; Jordi Constans, Director and former director of various national and international companies; and Marc Puig, Chairman and Chief Executive Officer of Puig.


Image Credits: mangofashiongroup.com

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