Mango profits soar
Mango has seen profits soar to the highest level in almost a decade as its turnover neared record 2019 levels.
The company reported growth of 21.3 percent to 2.234 billion euros, with online sales accounting for 42 percent of turnover. Profits rose to 67 million euros, trebled from the 21 million euros it saw in 2019.
Mango CEO, Toni Ruiz, said in a statement: “The 2021 results demonstrate the positive evolution of the company in recent years and is the result of the hard work of the entire team. Today, Mango is in an optimal position to face the future by promoting our brand and our product, remaining at the service of our customers and continuing our journey towards sustainability and operational excellence.”
Mango said demand for childrenswear grew 60 percent over 2019, with menswear, homewear and childrenswear accounting for 18 percent of turnover. Womenswear remains the company’s best category with a share of 82 percent.
“The year 2021 was also full of challenges and uncertainty, but we used the strength of the Mango brand to reinforce our position in the market, and at the same time increase our profitability, as we had promised,” Ruiz iterated.
In 2021, Mango investment rose to 45 million euros, representing an increase of 63.6 percent compared to the previous year. The majority of these resources were spent on accelerating its online transformation and refurbishing the store network.
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