Mango says its 20% sales increase for H1 was thanks to its focus on increasing the quality of its products as well as a good sales performance in the US, Spain, Italy, Türkiye and India, where it has ambitious expansion plans.
To accompany its period of growth, it is continuing to accelerate its rate of investment with a forecast to exceed EUR200m in 2023 and technology, logistics, stores and its new Mango Campus taking the bulk of its investments throughout this year.
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Mango’s chief executive officer Toni Ruiz explains Mango is currently engaged in an ambitious plan of international expansion, and adds: “The positive results in the first half of the year strengthen our business model and our ecosystem of various
channels and partners.”
The retailer closed the first half of the year with a turnover of EUR1.45bn, which was 20% more than the same period last year and up 30% more than the same period in 2019, which means it has surpassed its pre-pandemic figures.
Mango explains the positive results were strengthened by more than 40 store openings since last December, taking its total number of stores worldwide to 2,615, and close to 10% growth in its online business compared to the same period last year.
Mango adds that in the first half of the year it continued to increase the quality of its products with the launch of Capsule, its events collection for women characterised by the quality of its materials (with silk, high-quality viscose, taffeta, feathers, fringes and sequins) and finishes, as says the exclusivity of the garments were warmly welcomed by its customers.
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By GlobalDataIt also focused on collaborations with American brand SIMONMILLER and the renewal of Antoine Griezmann as the face of Mango Man for the spring/summer 2023 season with a new concept called ‘Move Forward’, inspired by the footballer’s spirit of overcoming obstacles.
Mango focuses on sales growth in five key markets
Mango has a presence in 115 markets but it says its performance in five of its key markets helped with its H1 success.
In Spain, it plans to extend its capillarity with more than 15 store openings this year and the refurbishment of another 15 stores, figures similar to the company’s development in Italy, where it will increase its presence with 15 store openings in 2023, taking the total number of stores to more than 90.
In the United States, Mango currently has 10 stores and is planning to open 15 stores, for the first time entering states such as Georgia, Texas and California, and cities such as Los Angeles, San Diego, Houston, Dallas, San Antonio and Atlanta. Mango says its goal is to reach approximately 40 stores in the United States by 2024 and for the country to become one of its top five markets in terms of turnover.
Türkiye and India are also two strategic countries for the company. It says its excellent sales performance in Türkiye during the first half of the year was leveraged by strong growth in both its physical and online channel, while in India (where Mango operates alongside its local partner Myntra), the company continues to accelerate its development with the opening of more than 35 new stores in 2023, which will allow it to close the year with a network of more than 110 stores.
Sustainability plan
Mango has continued to strengthen its sustainability roadmap with the creation, alongside other major companies within the sector, of the Textile Waste Management Association, in order to manage textile and footwear waste generated in the Spanish market through the Combined Extended Producer Responsibility System (SCRAP), a group approach to textile recycling in Spain and a move towards a circular model through the correct management of waste generated by the sector.
It has also continued its alliance with the marine biologist Manu San Félix to protect the Mediterranean sea.
