Mango hits 'record' three billion euros in sales, plans to open 500 new stores

Spanish brand Mango has achieved sales of over three billion euros in the 2023 financial year. It is the first time the company has achieved this and it did so thanks to a 15 percent increase

Net profit doubled to a level of 172 million euros, while EBITDA (earnings before interest, taxes, depreciation and amortisation) rose to a level of 533 million euros.

Online sales, meanwhile, accounted for a third of total sales, according to the annual report. Increases were seen in the menswear and children's fashion segments, but womenswear continued to contribute more than three-quarters to the total sales.

Mango wants to reach four billion in sales by 2026

With the good results of 2023 in the books, Mango is now focusing on its future goals. The company said a new strategic plan has been drawn up for 2024 to 2026. By 2026, sales should be well over 2024 levels.

The plan, dubbed '4E', comes with four pillars of the plan, all starting with the letter E. Elevate, expand, earn, empower. Speaking on the retailer’s mission, CEO Toni Ruiz, said in a release: "I am convinced that the new 4E Plan will help us strengthen our relationship with our customers, consolidate our business model and create value in a sustained manner, reinforcing us as a reference company in the sector."

The new plan aims to increase brand value, open 500 new shops by 2026, improve and ensure sales and growth and, last but not least, support and develop employees and teams.

There is also a particular emphasis on Mango’s presence in the US, a region it said had become one of its main countries in terms of turnover. However, the company noted that it is now forecasting for the US to become one of its top three most important markets.

Alongside the financials, Mango also named four new independent directors that have joined its board, increasing its members from four to nine.

The individuals that have joined include Jordi Canals, president of the Center for Corporate Governance at the IESE Business School; Jorge Lucaya, founding partner of AZ Capital; Jordi Constans, director and former director of various companies; and Marc Puig, president and CEO of Puig.