Global fashion retailer aims for 4 billion euros in annual sales by 2026
Mango, the Barcelona-based global fashion retailer, reported a 6.3 percent increase in first-half sales, reaching just over 1.54 billion euros. The company remains on track to achieve its goal of surpassing 4 billion euros in annual sales by 2026, planning over 500 new store openings in the next three years. Last year, Mango generated more than 3.1 billion euros in revenue.
In the first half of the year, Mango added 57 net new stores, bringing its total to 2,743 locations across more than 115 markets worldwide. This includes 1,725 company-owned and franchised stores, and 1,018 corners within other stores. The retailer expects to exceed 2,800 locations by the end of 2024.
Mango’s first-half growth was driven by a 21 percent increase in menswear and an 11 percent rise in kids and teen collections. Despite these gains, the women’s collection remains the “driving force” of the business, accounting for more than 79 percent of total sales.
International sales made up 78 percent of Mango’s total revenue, with Spain, France, Turkey, Germany, and the U.S. being the top markets. The online channel saw a slight increase in turnover, though specific figures were not disclosed. Currently, about one-third of Mango’s sales are generated online.
“In a very competitive environment, the company has achieved the best semester in its history, with growth above the market average,” said Toni Ruiz, Mango’s chief executive officer. “The excellent performance in turnover during the first half of the year reinforces our commitment to our value proposition, our business model, and the international expansion plan with which we want to continue to inspire the world with our passion for fashion.”
Mango is expanding aggressively in the U.S., with new store openings in Pennsylvania, Massachusetts, and Virginia. The company also increased its presence in California with its first store in San Diego, and in New York with a store at Hudson Yards. Other key markets for expansion include the U.K. and Italy.