The Modest Man
MANGO ACHIEVES 20% REVENUE GROWTH IN FIRST HALF OF 2023
Mango, the Catalan fashion company, has reported significant growth in the first half of 2023, with revenues amounting to 1.451 billion euros. This represents a 20% increase compared to the same period last year and a 30% surge in sales compared to 2019, before the pandemic. The company’s CEO, Toni Ruiz, stated that Mango’s unique design and style proposition has been well-received by customers, and the company is focused on expanding internationally to continue inspiring the world with its passion for fashion and lifestyle.
SUCCESS IN MAIN MARKETS AND GEOPGRAPHIES
Mango experienced strong growth in its main markets, including Spain, the United States, Turkey, Italy, and India. The fashion brand currently operates in 115 markets worldwide through a network of 2,615 international retail outlets. Since December, Mango has opened 40 new stores, with a specific focus on expanding in the United States. The company aims to have 40 retail locations in the US by 2024 and currently operates 10 stores in the region. Mango plans to add 15 more stores in the second half of 2023, expanding into new states and cities such as Georgia, Texas, Los Angeles, San Diego, Houston, Dallas, San Antonio, and Atlanta.
EXPANDING IN STRATEGIC MARKETS
Turkey and India have been identified as strategic markets for Mango, and both countries have experienced outstanding growth. In Turkey, the company’s sales growth was driven by both online and offline performance. In India, Mango focused on expanding its presence by opening over 35 new stores this year through its local partner, Myntra. By the end of the fiscal year, Mango will have a network of over 110 retail points in India.
INVESTING IN PHYSICAL STORES AND ONLINE
In addition to expanding its physical presence, Mango plans to invest in its online sales channel. The company reported a growth rate of approximately 10% in online sales compared to the first half of 2022. However, the specific contribution of online sales to Mango’s overall revenue was not disclosed. In the previous financial year, the brand generated online sales of 960 million euros. Despite the challenges posed by the pandemic and socio-economic changes, Mango remains committed to growing its online revenue.
ACCELERATING INVESTMENTS FOR FUTURE GROWTH
To support its growth strategy, Mango plans to accelerate its investment pace and exceed 200 million euros in investments in 2023. The company’s investments will primarily focus on technology, logistics, stores, and the Mango Campus at its headquarters. By investing in these areas, Mango aims to strengthen its position in the fashion industry and continue its upward trajectory.
