Spanish fashion retailer Mango concluded 2023 with a landmark turnover that exceeded 3 billion euros ($3.28 billion) for the first time in its history.
The company reported a turnover of 3.104 billion euros ($3.39 billion), marking an increase of 15% compared to the previous year, Mango said in a Monday (March 11) press release.
Mango expanded its market presence both through physical retail outlets and digital platforms, according to the release.
The year witnessed the opening of over 130 new stores, expanding the brand’s global network to nearly 2,700 outlets in more than 115 countries, the release said.
On the digital front, Mango achieved another milestone, with its online sales crossing the 1 billion euro ($1.09 billion) mark for the first time and representing 33% of the total company turnover, per the release.
Internationally, Mango saw substantial contributions from markets outside its home territory, with 77% of its total turnover generated from international sales, according to the press release. The United States, buoyed by the opening of a prime store on Fifth Avenue, emerged as one of the top five markets for Mango, alongside Spain, France, Germany and Turkey.
The brand’s growth was also supported by the diversification of its product line, with the men’s, children’s and teen collections experiencing nearly 20% growth, the release said. This growth in these demographic segments complemented the company’s women’s collection, which remains the brand’s primary offering and saw a 15% increase in turnover in 2023.
Financially, Mango’s net profits more than doubled to 172.1 million euros ($188.06 billion) from the previous year, per the release. This financial health facilitated significant investments of 187 million euros ($204.34 billion) aimed at enhancing operational capabilities.
Looking to the future, Mango has announced its strategic plan for 2024-2026, dubbed the 4E Plan. According to the release, this initiative focuses on “elevating” the brand, “expanding” its global presence, “earning” through sustainable growth and “empowering” its workforce, with a target to surpass a turnover of 4 billion euros ($4.37 billion) by 2026.
Mango said in December that it will fortify its offering of physical stores in the U.S. in 2024, aiming to open 30 new stores across the country and bring its total in the U.S. to 40 locations by the end of the year.
The firm has also entered the realm of the virtual universe Roblox with a virtual store that enables users to buy Mango Teen digital clothing and items for their avatars.
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