Mango has broken its sales record in the first half of the year, with a growth of 20% compared to the same period last year, up to 1,451 million euros. The last financial year was already very positive for the firm owned by Isak Andic, with 2,688 million euros in turnover, 20.3% above 2021, and therefore exceeded the previous milestone, the 2,374.4 million earned in 2019. Should the current sales pace continue, all indications are that Mango could once again surpass the 2022 record and approach 3 billion in sales this year.
“The good performance of the first semester consolidates our business model and our diverse ecosystem of channels and partners”, commented Toni Ruiz, CEO of Mango. The international expansion and the commitment to raise the quality and the average price of the parts have contributed to the increase in sales.
The company highlights progress in key markets (it is in more than 115 countries), such as Spain, the United States, Turkey, Italy and India, where it concentrates its main growth plans. In Spain, Mango anticipates the opening of more than fifteen stores and the renovation of an additional fifteen, figures similar to the development in Italy, where it will increase its presence with fifteen openings in 2023 to exceed 90 stores in country
In the United States, it currently has ten points of sale and plans to open fifteen more establishments this year, to follow the expansion plan in the states of Georgia, Texas and California, in cities such as Los Angeles, San Diego, Houston, Dallas, San Antonio or Atlanta. The company’s goal is to reach around 40 points of sale in the United States by 2024 and for the country to become one of the five main markets in terms of turnover.
Other markets in which Mango has evolved significantly are Turkey and India. In the latter, the company operates together with its local partner Myntra, and this year it plans to open more than 35 stores, which would close the financial year with a network of more than 110 points of sale in the country.
In total, Mango has a network of 2,615 stores across the markets, after carrying out more than 40 net openings since December. The Barcelona-based group will accelerate the pace of investment with the forecast of exceeding 200 million euros this 2023.
