Mango says its turnover increased by 15% in 2023, hitting a total of €3.1bn for the first time. At a constant exchange rate, turnover increased 20%.

Profit for the group almost doubled, as the company plans to celebrate its 40th anniversary in 2024 and reveals its strategic plan for the next two years.

Toni Ruiz, CEO at Mango, told attendees including Just Style at a press conference announcing the results that Mango had achieved the record results, despite 2023 being a difficult year. He said: “We are facing a very challenging year, however we got the best results in Mango’s history.”

Key results for Mango in 2023

  • Record turnover of €3.1bn, up 15% compared to 2022 or 20% on constant currency basis.
  • Net profit was €172m, up from €81m in 2022
  • International business accounted for 77% of Mango’s turnover in 2023.
  • Opened 130 new stores, taking it to a total of 2,700 in total.
  • Mango’s online business exceeded €1bn in turnover for the first time.

Mango’s Man, Teen and Kids businesses also saw strong growth. Mango Man represented 11% of the group’s turnover in 2023, totalling €340m, while sales at Kids & Teen increased  8% to a total of €246m.

Mango Woman remains the “driving force” of sales at the group, with sales growth increasing by close to 15%, with a turnover of more than €2,500m in 2023.

The US business also entered Mango’s top five markets, in terms of turnover, for the first time.

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In a statement, Ruiz said: “The work carried out in recent years is bearing fruit: we are growing above the market, we are profitable and we are financially healthy.”

Responding to a question about whether Mango had been impacted by the Red Sea crisis, Ruiz said the conflict had caused problems for a few weeks, but said that things had now improved. He attributed the company’s success here to its communications with suppliers and confirmed that there are currently no product delays.

What’s next for Mango?

Mango also shared its strategic plan for 2024-2026, with the tagline ‘elevate, expand, earn and empower’. It aims to achieve a turnover of €4bn by 2026.

Mango’s chief financial officer Margarita Salvans said the company plans to focus on profitability as part of the plan. She said it will use AI and other new technology to improve efficiency.

Salvans also said the company was also focused on improving its EBITDA in the next two years.

César de Vicente, global retail director at Mango, said the company wants to open 500 more stores, refurbish 150 stores by 2026.

Mango says it plans to elevate the image of its brand. Ruiz said: “We do not sell clothes, we design fashion – this is fundamental.”

Ruiz also teased a “surprise” collaboration with a designer with its Mango Man brand, due to launch in May 2024

When pressed on rumours that the strategic plan was leading up to Mango chasing a public listing, Ruiz said that it was “not on the table”. He said the company still had growth opportunities, reiterating that the company had been facing similar speculation for years.

The results come after Mango shared record sales and EBITDA in 2022, as it put significant investment into technology and its physical stores.

Last year, Mango announced an investment in Union Avatars, a digital identity platform for creating avatars in different styles, among them the hyper-realistic avatar.