“In a very competitive environment, Mango has managed to significantly increase its sales, achieving the best results in the company's history, with a turnover above 3 billion euros for the first time. Our clients value and appreciate. The work carried out in recent years is bearing fruit: we are growing above the market, we are profitable, and we are financially healthy”, commented Toni Ruiz, CEO of Mango.

Full Year Results

As previously forecast, the fashion group’s sales in 2023 have exceeded 3.1 billion euros for the first time in its history, representing an increase of 15% as reported and 20% at constant exchange rates, on a comparable basis to the previous year.

According to the company, this was the result of “strong momentum” in the physical channel, with more than 130 net new stores opened during the year, bringing the total to nearly 2 700 stores in over 115 markets. In addition, the online channel consolidated its growth and exceeded 1 billion euros in turnover, accounting now for 33% of Mango’s total turnover.

International business represented 77% of total turnover last year, with Spain, France, Germany, Turkey, and the US the top markets in terms of sales.

Mango highlighted that the “significant increase” in turnover was followed by an improvement in profitability, reporting 172.1 million euros in net profit, up from the 81 million euros generated in 2022. Gross operating profit (EBITDA) rose by 22.2% year-over-year to 533 million euros in 2023.

New Strategic 4E Plan 2024-26

Supported by the strong performance in 2023, the Spain-based group has launched the 4E strategic plan for 2024-2026, which is underpinned by four pillars. The first, ‘Elevate’, will focus on increasing brand value through aspiration; the second, ‘Expand’, reaffirms Mango’s commitment to expanding its retail footprint with a target of 500 new store openings by 2026; the third, ‘Earn’, will prioritise ensuring sustainable growth and improving sales; and the fourth and final, ‘Empower’, includes a plan to empower and develop its employee teams.

This strategy is expected to generate sales of more than 4 billion euros in 2026. “I am convinced that the new 4E Plan will help us strengthen our relationship with our customers, consolidate our business model and create value in a sustained manner, reinforcing us as a reference company in the sector”, shared Toni Ruiz.