SPAIN: Mango profit up 79% in 2012
Spanish retailer Mango saw full year profit shoot up during the 2012 financial year.
The company said net income rose 79% to EUR113.4m, as turnover rose 20% on the prior year to EUR1.7bn. In 2012, some 84% of sales came from foreign markets.
Mango also revealed in its CSR report that its production cycle lasts three to four months, from when the order is placed to when it is received.
The company said that during 2012, it used 192 suppliers with 415 factories to make garments and 72 suppliers with 100 factories to make accessories.
China was its largest sourcing base, accounting for 41.6% of product, while 12.4% came from Turkey, 9.4% from South Korea, 7.6% from Spain, while 5.8% from both Morocco and Bangladesh.
The company said that it found 18 factories each in Vietnam and Morocco to be violating its code of conduct, with violations mainly around healthy and safety in the workplace, overtime rulings and compliance with local government legislations.
In Cambodia, Mango discovered two factories violated its code of conduct, five factories breaking its rules in China, and eight in Turkey.
It also revealed the number of products that breached its chemical safety guidelines. It said five products were discovered to have arsenic, four to contain unacceptable cadmium levels and 29 used azoic dyes.
Some nine products had phenols, two contained chrome, 24 had higher than acceptable levels of formaldehyde, four had phtalates, six contained nickel, while 117 products were found to have higher than permitted levels of lead in them.
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