Spanish firm Mango registers record turnover of €2.688 bn in FY22

The company accelerated the development of its stores' network in FY22, with a net increase of 119 stores, bringing the total to 2,566 across 115 markets. Mango also expanded its international footprint, adding Cameroon and Morocco to its presence in 90 markets online.

The Mango online store achieved a turnover of €960 million, representing 36 per cent of the company's total turnover. The online store closed FY22 with 232.1 million users and over 885 million visits, Mango said in a press release.

Mango's women's clothing line remained the main driver of sales, accounting for 82 per cent of total turnover, but the men's and children's lines saw strong growth in FY22, with men's sales growing by 30 per cent to almost €300 million and children's sales increasing by 18 per cent to over €200 million.

The company's gross profit at the end of FY22 was 56.9 per cent, compared to 58.2 per cent in FY21, but gross operating profit (EBITDA) increased by €14 million to €436.62 million.

Spain accounted for 22 per cent of the company's total turnover, with the remaining 78 per cent coming from the rest of the world, with France, the United Kingdom, and Italy being key regions. Mango also highlighted the US and India as strategic countries for the present financial year.

Home, Mango's new line of home goods, which celebrated its first year of existence in 2022, has more than doubled in size, with a turnover in excess of €5 million.

The company’s forecasts for the FY23 involve taking the online business to over 20 new markets during the first half of the year, above all in the continent of Africa and in countries such as Brazil, where the company has signed an agreement with the local partner Dafiti, which is part of the Global Fashion Group (GFG) to start selling Mango in the country.

“At Mango, we have consolidated ourselves as one of Europe’s leading fashion groups. We have demonstrated the validity and robustness of our business model based on a unique ecosystem of channels and partners. In the last few years, we have recovered our essence, with unique design as a starting point and innovation as a core value in all the departments of the company,” said Toni Ruiz, Mango’s CEO.

Fibre2Fashion News Desk (DP)