Mango reports a 20% increase in revenue in the first semester
The Catalan fashion company is continuing its growth trajectory. In the first half of the year, Mango
“Our customers appreciate Mango’s unique design and style proposition, and we are engaged in an ambitious international expansion plan to continue inspiring the world with our passion for fashion and lifestyle,” stated Toni Ruiz, the company’s CEO, in a press release on Wednesday, July 12. He added, “The positive performance in the first half of the year reinforces our business model and diverse ecosystem of channels and partners.”
As detailed in Mango’s financial press release, the company experienced strong growth in its main geographies and key markets such as Spain, the United States, Turkey, Italy, and India during the first semester. Presently, the fashion brand, established in 1984, operates in a total of 115 markets through a network of 2,615 international retail outlets. Since December, Mango has opened 40 new stores.
Specifically in the United States, the company is immersed in an expansion plan aiming to have 40 retail locations by 2024, making it one of their top five markets in terms of revenue volume. Currently, Mango operates 10 stores in the region and plans to add 15 more throughout the second semester, debuting for the first time in states like Georgia, Texas, and California, in cities such as Los Angeles, San Diego, Houston, Dallas, San Antonio, and Atlanta. To support this growth strategy, the brand recently launched a capsule collection in collaboration with the California-based label Simon Miller.
Turkey and India, defined as “two strategic countries for the company,” have experienced “outstanding” growth. While the Turkish market’s sales growth was driven by both online and offline performance, in India, the company focused on expanding with over 35 new stores this year through its local partner, Myntra
Online sales increase by 10%.
In the domestic market, Mango plans to open around 15 stores and undertake an equal number of store refurbishments by the end of the year. Likewise, in Italy, the brand intends to open approximately 15 new stores in 2023, expanding its physical presence in the region to over 90 locations.
Regarding online sales, the company reported a growth rate “close to 10%” compared to the first six months of 2022. However, Mango did not disclose the specific contribution of this channel to its overall revenue. In the previous financial year, the brand, owned by Isak Andic
“To accompany its period of growth”, the Barcelona-based company plans to accelerate its investment pace and exceed 200 million euros in 2023. The company’s investments primarily focus on technology, logistics, stores, and the Mango Campus at its headquarters.