Spanish fashion retailer Mango closed 2023 with a turnover of over €3 billion for the first time.
Within this, online sales exceeded €1 billion in turnover for the first time, accounting for 33% of the group’s total turnover. Announcing the results, the company said, in 2023, its turnover amounted to €3.1 billion, 15% more than in 2022 and was accompanied by an improvement in profitability. The retailer closed the year with a net profit of €172.1 million more than doubling the €81 million generated in 2022.
Toni Ruiz, CEO of Mango, said: “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 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”.
The company’s strategic investments, totaling €187 million (a 74% increase from 2022), primarily focused on facilities, stores, logistics, and technology. Notably, Mango ended the year with no net debt.The brand accelerated its store development, opening over 130 new stores and refurbishing 80 existing ones.
Which countries drove sales?
Internationally, Mango saw 77% of turnover coming from global markets. Key countries driving sales include Spain, France, Germany, Turkey, and the US, which entered the top 5 rankings within a year of opening its Fifth Avenue store.
Among new business lines, the men’s line saw turnover rise from €287 million in 2022 to over €340 million in 2023 (11% of total turnover). Kids and Teen segments reached €246 million (8% of total turnover). However, the Women’s line remained the powerhouse, exceeding €2.5 billion turnover in 2023, a 15% increase from the previous year.
Additionally, the company expanded its online presence in Africa in September and launched Lisa, a conversational generative AI platform, a month later.
As part of a new Strategic 4E Plan 2024-26 the Mango is targeting 500 new store openings by 2026, predominantly in strategic markets. Under the 4E Plan, the company plans to boost its presence in markets such as Spain, France, Italy, Germany, the United Kingdom, Poland, India, Canada and the US.
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