Mango’s annual sales reach ‘record’ €3 billion
Mango increased its turnover by 15% to a record high of €3.1 billion in 2023.
The fashion retailer attributed much of its success to strong momentum in its physical channel where it opened a net 130 stores to take the total to nearly 2,700 in over 115 markets worldwide.
Meanwhile, turnover online exceeded €1 billion for the first time and accounted for 33% of the group’s total turnover.
Mango said its top performing countries included Spain, France, Germany, Turkey and the US.
The significant increase in turnover was accompanied by an improvement in profitability, which led Mango to close the year with a net profit of €172.1 million compared to €81 million 2022. EBITDA climbed by 22% to exceed €533 million.
Toni Ruiz, chief executive of Mango, said: “In a very competitive environment, Mango has managed to significantly increase its sales, achieving the best results in the company’s history, with a turnover above €3 billion for the first time. Our clients value and appreciate. The work carried out in recent years is bearing fruit: we are growing above the market, we are profitable and we are financially healthy.”
As part of its 4E strategy, Mango has set itself a target of opening 500 new stores by 2026, mainly in Spain, France, Italy, Germany, the UK, Poland, India, Canada and the US.
Ruiz added: “The excellent results achieved in 2023, which are the best in the company’s history, are the result of the enormous effort, commitment and dedication of the people who work in Mango. Our enthusiasm and passion will be fundamental to achieving the new objectives that we set for ourselves today in the 4E Plan.”
