Mango increases its turnover by 25% until June

The fashion group Mango invoiced 1,214 million euros in the first half, 25% more than in 2021, and has announced a record investment year of more than 124 million euros, almost triple that of the previous year.

NewsEditor
NewsEditor
16 July 2022 Saturday 23:04
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Mango increases its turnover by 25% until June

The fashion group Mango invoiced 1,214 million euros in the first half, 25% more than in 2021, and has announced a record investment year of more than 124 million euros, almost triple that of the previous year. The CEO Toni Ruiz assured in a statement that the semester "is another sign of the new stage of growth" for Mango, which is leaving behind the pandemic with double-digit growth.

“Customers appreciate and value our product and we have accelerated our expansion and streamlined operations,” he explained. Mango, which is present in 110 markets, has registered a positive evolution in the main geographies in which it operates, with exceptions such as Russia, where it has decided to definitively abandon direct sales, after 23 years operating, for which it has provisioned 20 millions of euros.

The group hopes to recover pre-pandemic sales figures this year. Mango ended 2021 with a turnover of 2,234 million, with a rise of 21.3% compared to 2020 and close to 2,374 million in 2019. At the end of the first half, the company had a network of 2,508 points of sale throughout the world, after 61 net openings since December.

Mango highlighted the "key" geographies of Spain, France, the United Kingdom and Italy, where it has an "ambitious" expansion plan, especially in the south of the country. He also highlighted the evolution of the company in the United States and India, with the forecast of reaching a network of 40 stores in the North American country in 2024 and carrying out between 15 and 20 openings in the second half of the year in the Asian country.

To accompany the new phase of development, the group will accelerate its investment rate with the forecast of exceeding 120 million euros in 2022 as a whole, which will imply almost tripling the investment of 2021.

At the close of the first semester, Mango has completed the civil works for the expansion of its logistics center in Lliçà d'Amunt (Barcelona) and has begun the installation of the intralogistics systems. The expansion, which after its completion will have involved a global investment of 88 million, will come into operation in 2023 and will serve Mango to centralize all its online operations.

Mango will also maintain its commitment to physical stores with the forecast of adding more than a hundred points of sale to its distribution network in the second half of the year and ending 2022 with more than 2,600 points of sale.

Another of the projects that Mango has underway is the construction of its new corporate headquarters, the new Mango Campus, which will come into operation in 2024.

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