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Mango expects 2023 turnover to reach 3 billion euros

By Prachi Singh


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Credits: Mango

Mango expects to close the 2023 financial year with a turnover in excess of 3 billion euros.

In 2024, the company is celebrating 40 years since the opening of its first store in Barcelona. Founded in Barcelona in 1984 by Isak Andic, Mango’s forecasted turnover for 2023 represents double-digit growth and the positive performance of all channels, including the online channel.

During 2024, Mango said, the company will promote various initiatives that will increase the stability and solidity of the group, such as the presentation of its 2024-2026 Strategic Plan in March. The new roadmap will focus on strengthening its differentiated value proposal, commitment to innovation and sustainability, and driving sales through the major expansion of its store network and the growth of all its channels.

Mango continues to expand retail footprint

Until 2026, the company plans to implement an ambitious expansion plan, with close to 500 new store openings, focusing its efforts on key markets such as the United States, Spain, France, Italy, the United Kingdom, India and Canada.

Throughout 2023, Mango has expanded its online sales to twenty new countries to exceed 110 markets worldwide and has consolidated its commitment to its physical channel with over 130 net store openings and 80 store refurbishments since the start of the year, to reach 2,700 points of sale in over 115 markets worldwide.

This year, Mango debuted in the states of Texas, Georgia and California (United States), a country in which it has approximately twenty points of sale.

Mango plans to add new board members in 2024

In 2024, the company also aims to strengthen its corporate governance with the enlargement of its board of directors which, from March, will increase its composition from four to nine members.

The new board of Mango will be made up of Isak Andic, non-executive chairman; Toni Ruiz, chief executive officer; Jonathan Andic, Daniel López and Margarita Salvans, as executive board members; and four independent board members: Jordi Canals, professor and chairman of the centre for corporate governance of the IESE Business School; Jorge Lucaya, a founding partner of AZ Capital; Jordi Constans, director and former director of various national and international companies; and Marc Puig, chairman and CEO of Puig.

The company added that Mango’s chief executive officer Toni Ruiz became a Mango shareholder in December, with a 5 percent of the share capital.