Mango secures syndicated loan worth 300 million euros

Mango has sealed a syndicated loan of 300 million euros for six years which has engaged ten Spanish

and international banks.

As reported by Europa Press, which quotes sources close to the fashion multinational, the loan aims to gather new resources to finance growth and the opening of new stores in the international market.

In the same vein, sources cited by the financial journal 'Expansion' stressed that this new capital will help Mango reorder its current bank liabilities.

The ten financial institutions that have syndicated the loan are CaixaBank, Banco Sabadell, BBVA, Santander, Bankia, Cooperative Bank, Aresbank, Erste Bank, Calyon and Mediobanca.

The Spanish fashion retailer plans to invest circa 300 million euros in 2014 to create more than 2,000 jobs, after raising the turnover and profit of the company by 9 percent in 2013, up to 1,846 and 120.5 million euros respectively.

As advanced by sources of the fashion brand, the investment in the coming months will be dedicated primarily to open new stores (Mango currently runs over 2,600 stores in 105 countries), renew logistics and improve its information systems.

Mango has recently expanded its fashion lines to reach a wider audience with the launch of its plus size brand, Violet by Mango, Mango Sports & Intimates, Premium, Mango Kids children's clothing line, Mango HE Men's fashion, a sportswear line and another one of accessories, Mango Touch.