Mango, the fashion company founded by Isak Andic in Barcelona, ??faces its 40th anniversary with major changes in its corporate governance and significant growth in its activity. The group reported this Thursday the entry into its capital of the CEO, Toni Ruiz, who will become a shareholder this December with a 5% stake. Until now, 100% of Mango’s capital was in the hands of Andic.
The operation has been structured through a capital increase against reserves, through which Ruiz receives 100% of the value of 5% of Mango’s shares as remuneration as CEO of the group. According to Mango, this initiative “reinforces the governance message, as it is a common way of aligning the vision of ownership and the vision of management, and is in line with the usual remuneration practices for CEOs in global companies.”
It is also an example of the relationship of trust that Andic and Toni Ruiz have forged, a manager that the founder personally signed at a time of difficulties for the company. First as CFO in 2015 and then as General Manager and CEO, Ruiz has been responsible for turning the company around and elevating its positioning and results.
“Toni Ruiz is a manager admired both internally and externally; “He is an excellent professional and a great person, a fundamental quality in the management of a company,” Andic stated in a statement. For the owner of Mango, his entry into the company’s shareholding is a “recognition of his outstanding management in recent years, which has translated into excellent results.” Andic has also been convinced that Ruiz “will contribute to the continuity, solidity and growth of Mango in the future.” For his part, Ruiz has stressed that he assumes this new stage in his career at Mango “with gratitude, enthusiasm and great responsibility.”
There will also be movement on the board of directors, which is expanded from four to nine members and is opened for the first time to external independents. Margarita Salvans, the group’s financial director, will join a body made up of Isak Andic, non-executive president, Toni Ruiz, CEO, Jonathan Andic (son of the founder), and Daniel López. Marc Puig, president and CEO of Puig, joins as independent directors; Jordi Canals, professor and president of the Center for Corporate Governance at IESE Business School and mentor of Toni Ruiz during his training at the business school, Jorge Lucaya, founding partner of AZ Capital; as well as Jordi Constans, director and former director of various national and international companies.
The company has also advanced a forecast of the results for the current year, in which they expect to grow by 11% and exceed 3,000 million euros in turnover, thus breaking the sales record of 2,688 million euros in 2022. Throughout 2023, Mango has expanded its online sales to twenty new countries to exceed 110 markets and has carried out more than 130 net openings of physical stores and 80 renovations, reaching nearly 2,700 points of sale in more than 115 countries. The company has landed this year for the first time in the states of Texas, Georgia and California (United States), a country that already has more than twenty points of sale and which it wants to place among its five main markets.
For the period 2024-2026, it is preparing another strong stage of growth, with nearly 500 new openings, focusing its efforts on key markets such as the United States, Spain, France, Italy, the United Kingdom, India and Canada.
