Punto Fa S.L. Appoints CEO Ruiz as Chairman Following the Passing of the Company’s Founder
Punto Fa S.L., the parent company of Mango, has named Toni Ruiz as its new chairman. The appointment follows the passing of the brand’s founder Isak Andic. Ruiz, who also serves as chief executive officer, joined the company as the chief financial officer in 2015 and became the general manager in 2018, before being appointed CEO in 2020.
Ruiz has been instrumental in Mango’s impressive growth. In 2023, the company recorded a turnover of more than €3.1 billion, representing a 15% growth from 2022. Last year, Ruiz launched Project 4E, a strategic initiative aimed to boost the company’s sales to over €4 billion by 2026 and double its profits. Mango retails menswear, womenswear, children’s apparel, and home collections.
Mango plans to achieve its ambitious growth targets by opening over 500 new stores and enhancing its brand value. The Spain-based company employs more than 15,500 people, runs nearly 2800 stores across over 120 global markets, and generates nearly 80% of its turnover from its international operations.
Expressing his gratitude, Ruiz commented, “I am deeply grateful to the Andic family, the board of directors, and the entire Mango team for trusting me to continue leading this exciting project.” He further stated that the company has a clear path and excellent opportunities to grow and take Mango to greater heights.
The company, in a statement, credited Ruiz for successfully transforming Mango’s positioning by improving its value proposition, enforcing a unique and aspirational style, showing a strong commitment to store-based sales, and institutionalizing processes and governance.
Andic passed away in December at the age of 71 in a tragic caving accident during a family outing. Jonathan Andic, his son who holds the role of chief Mango Man officer, was made the vice-chairman of the Punto Fa and Mango board, signifying the continued involvement of the Andic family in the group. Ruiz owns a 5% stake in Punto Fa and Mango through Ionian Investments S.L.U., while Mango MNG Holding S.A.U. holds the majority 95% shares.
Further bolstering its leadership team, Manel Adell was appointed an independent board member at Punto Fa, continuing Isak Andic’s initiative to professionalize Mango’s management. Adell, experienced in the management of multinational companies such as Bang & Olufsen, and CadburyScheppes, was instrumental in spearheading the expansion of Desigual as its CEO.
In 2022, Mango announced a significant collaboration with Victoria Beckham. This collaboration is the latest in a series of projects with big names, including Italian tailor Boglioli, influencer Camille Charrière, and the L.A. brand, Simon Miller. Mango also retails in-house brands such as Selection, a trend-forward collection presented every season, and Capsule, a line specializing in event dressing.