Mango achieved a remarkable milestone in 2023, reporting record-breaking sales of €3.1 billion ($3.39 billion), surpassing its projections. This success was attributed to strategic measures taken in response to the robust expansion of its domestic counterpart, Zara, particularly in the United States.
The Barcelona-based brand disclosed a significant 19% surge in sales for the previous year, outperforming its projected €3 billion target. This remarkable achievement was driven by a targeted focus on party wear and high-end fashion pieces, catering to a clientele less sensitive to elevated price points. Notably, Mango allocated €187 million in investments, primarily directed towards establishing new stores and enhancing logistical capabilities.
During a press conference, Mango's spokesperson highlighted the noteworthy financial results, with a net profit surge to €172.1 million, a substantial increase from the €81 million recorded in 2022. The company's gross margin stood at nearly 60% in 2023, underscoring its robust financial health, with zero net debt.
In line with its strategic growth plans, Mango is closely following the trajectory of the world's largest listed fast-fashion group, Inditex, by expanding its presence in the United States. The company envisions opening 30 additional stores in the US, aiming to make this market its third-largest by 2026. As part of an ambitious global expansion strategy, Mango plans to inaugurate 500 new shops worldwide within the next two years, projecting a total of 2,700 stores in its network.
The Barcelona-based brand disclosed a significant 19% surge in sales for the previous year, outperforming its projected €3 billion target. This remarkable achievement was driven by a targeted focus on party wear and high-end fashion pieces, catering to a clientele less sensitive to elevated price points. Notably, Mango allocated €187 million in investments, primarily directed towards establishing new stores and enhancing logistical capabilities.
During a press conference, Mango's spokesperson highlighted the noteworthy financial results, with a net profit surge to €172.1 million, a substantial increase from the €81 million recorded in 2022. The company's gross margin stood at nearly 60% in 2023, underscoring its robust financial health, with zero net debt.
In line with its strategic growth plans, Mango is closely following the trajectory of the world's largest listed fast-fashion group, Inditex, by expanding its presence in the United States. The company envisions opening 30 additional stores in the US, aiming to make this market its third-largest by 2026. As part of an ambitious global expansion strategy, Mango plans to inaugurate 500 new shops worldwide within the next two years, projecting a total of 2,700 stores in its network.
The company invested €187 million last year, mainly in new stores and logistics centres.