Fashion retailer Mango doubles profits in record 2023

Catalonia's largest fashion company plans to open 500 new stores globally by 2026

Mango CEO Toni Ruiz
Mango CEO Toni Ruiz / Aina Martí
Catalan News

Catalan News | @catalannews | Barcelona

March 11, 2024 02:29 PM

March 11, 2024 08:40 PM

Catalan fashion retailer Mango achieved its best results ever in 2023, with profits jumping 112% to €172 million. The company's revenues exceeded €3.1 billion, an increase of 15%, significantly above the industry average.

The largest fashion company in Catalonia aims to reach a turnover of €4 billion by 2026 and to increase its workforce by 30% in the next three years.

Despite a solid online presence, with 33% of sales coming from online channels, Mango remains committed to physical stores.

The brand plans to open 500 new stores and renovate another 150 by 2026, resulting in one million square meters of retail space worldwide. The expansion will require an investment of €600 million.

Spain remains Mango's main market, accounting for 23% of total sales. The remaining 77% is generated internationally, with significant contributions from France, Germany, Turkey and the United States, where the company is looking to expand its presence.

"Our aim is to continue being and establish ourselves as a significant player in the global fashion industry," CEO Toni Ruiz said.

Mango, founded by Isak Andic, opened its first store on Barcelona's central Passeig de Gracia boulevard in 1984. Today, they are the second largest exporting fashion retailer in Spain.