Spain's Mango celebrates 40 years; expects €3 bn sales in FY23

The company is set to introduce its 2024-2026 strategic plan in 2024, focusing on enhancing its unique value, innovation, and sustainability, along with expanding its store network. Mango aims to open about 500 new stores by 2026, targeting key markets globally.

Mango has expanded its online presence to 20 new countries in 2023, reaching over 110 markets globally. It also increased its physical presence with more than 130 new stores and 80 renovations, now operating approximately 2,700 points of sale in over 115 markets. Mango made its debut in Texas, Georgia, and California in the United States this year, Mango said in a press release.

The company introduced Capsule, a high-quality women's events collection, and a denim collection designed for circularity to promote product longevity and recycling. Mango is also planning to expand its board of directors from four to nine members in March 2024 to strengthen its corporate governance.

Isak Andic, non-executive chairman of Mango, commented on the transformation, stating, “It is a historic moment for our company. The transformation of the board of directors and the contribution of new independent board members, who enjoy great recognition and experience and a global vision, will drive the strategy and business of Mango, while strengthening the institutionalisation of our organisation.”

Toni Ruiz, CEO of Mango, will become a shareholder in December, acquiring a 5 per cent stake in the company, a move approved by the Mango board of directors. Andic stated, “Toni Ruiz is a director who is admired both internally and externally. He is an excellent professional and an excellent person, a quality that for me is fundamental in the management of a company. His entry in the share capital of Mango is a recognition for his outstanding management of the company in recent years, which has translated into excellent results, but, above all, represents my strong belief that his vision will contribute to the continuance, solidity and growth of Mango in the future.”

Ruiz said, “With gratitude, excitement and great responsibility, something all the teams in the company have worked with in recent years, establishing a vision that has allowed us to become one of Europe’s leading fashion groups. We will continue to drive this project in the future, with solidity, stability and ambition, in order to leave a bigger and better company for the coming generations.”

Fibre2Fashion News Desk (RR)