Spanish firm Mango achieves record $1.68 bn revenue in H1 FY24

Leading Spanish fashion group Mango has reported the highest revenue in its 40-year history for the first half of fiscal 2024 (H1 FY24), exceeding €1.543 billion (approximately $1.68 billion). This marks a 6.3 per cent increase compared to the same period last year, despite challenges from climate, inflationary pressures, and geopolitical factors.

Mango Man demonstrated growth with a revenue increase of over 21 per cent. Similarly, Mango Kids and Teen saw growth of more than 11 per cent during this period. The Mango Woman category, which remains the cornerstone of Mango's business, experienced slight growth of 4 per cent, achieving its highest revenue ever in a six-month period and accounting for 79 per cent of total revenue, the company said in a press release.

The company's international operations contributed significantly, representing over 78 per cent of the group's total revenue in the first half of the year. Key markets driving this growth included Spain, France, Turkiye, Germany, and the US.

In addition to revenue growth, Mango expanded its physical retail presence, opening a net total of 57 new stores. By the end of June, Mango operated 2,743 stores worldwide, including 1,725 company-owned and franchised stores and 1,018 corners. The company aims to further increase its store network, targeting over 2,800 stores by the end of 2024.

"In a very competitive environment, the company has achieved the best six months in its history, with growth above the market average. The excellent performance in revenue during the first half of the year reinforces our commitment to our value proposition, our business model and the international expansion plan with which we want to continue to inspire the world with our passion for fashion," said Toni Ruiz, CEO of Mango.

Fibre2Fashion News Desk (DP)