Mango forecasts record sales as it looks ahead to opening 500 new stores
Fashion retailer Mango is expecting to have achieved record sales of over €3 billion in its 2023 financial year as it looks ahead to opening 500 new stores over the next few years.
Founded in 1984 by Isak Andic, the group will be celebrating its 40th anniversary next year and has revealed some of its upcoming plans.
These will include strengthening its corporative governance with the enlargement of its board of directors, which will increase from four to nine members in March. At that point, the board will comprise of Andic as non-executive chairman, Toni Ruiz, as chief executive, and Jonathan Andic, Daniel López and Margarita Salvans as executive board members.
There will also be four independent board members including 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 of Puig.
Mango is also opening up its share capital to Ruiz who from this December will become a Mango shareholder with 5% of share capital.
In March, the group will also be presenting its 2024-2026 Strategic Plan which will focus on strengthening its differentiated value proposal, commitment to innovation and sustainability, and driving sales through the major expansion of its store network. Mango is planning to open 500 new stores in key markets such as the US, Spain, France, Italy, UK, India and Canada.
Mango has launched 130 net new stores since the start of the year to take its points of sale to close to 2,700 in over 115 markets worldwide.
Ruiz said he will be embarking on the new phase of his Mango career “with gratitude, excitement and great responsibility, something all the teams in the company have worked with in recent years, establishing a vision that has allowed us to become one of Europe’s leading fashion groups. We will continue to drive this project in the future, with solidity, stability and ambition, in order to leave a bigger and better company for the coming generations.”