Spanish fashion chain Mango on track for another record year after posting 1.54 billion in revenue up to June

During the first half of the year, the company continued its expansion with 57 store openings to make a total of 2,743 worldwide

Clara Alba

Madrid

Monday, 15 July 2024, 19:56

Spanish fashion chain Mango has closed the first half of the year as it ended 2023, with record figures resulting in its highest turnover in history of 1.54 billion euros.

The figure is 6.3% more than a year ago, overcoming the impact of inflation on consumption and the effects of the Red Sea crisis on the supply chain. Recently it launched new collections such as the collaboration with Victoria Beckham for its Woman line, a new collaboration with the Italian tailor Boglioli for Mango Man, and new editions of its Capsule and Selection collections.

Of particular note is the growth of Mango Man, up 21%, and Mango Kids and Teen, which grew by more than 11% during the first half of 2024. Mango Woman remains the driving force behind the business, with a slight growth of 4%, which now represents 79% of total turnover.

"In a very competitive environment, the company has achieved the best half-year in its history, growing above the market. The good performance in turnover in the first half of the year reinforces our commitment to our value proposition, our business model and our international expansion plan with which we want to continue to inspire the world with our passion for fashion," said Toni Ruiz, CEO of Mango.

Continued expansion

With a presence in more than 115 countries, the international business is also growing at a good pace and accounts for more than 78% of the group's total sales. By geography, Spain, France, Turkey, Germany and the US are the markets with the highest turnover during the first half of this year.

During the first half of the year, the company continued its expansion, with 57 openings, to reach a total of 2,743 stores worldwide at the end of June, of which 1,725 are company-owned and franchised shops and 1,018 are corners. The chain's objective for the second half of the year is to exceed 2,800 points of sale by the end of 2024.

Online store

In Spain, Mango plans to open around 20 new points of sale in 2024, especially for its Mango Teen line. In the United Kingdom, it plans to open more than 20 new points of sale this year, with new shops in London and Scotland and its arrival for the first time in cities in Northern Ireland and in the centre and south of England.

Mango has also bolstered its online presence, with its online store accounting for 33% of its total turnover.

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