Fashion Updates

20% turnover surge in H1 FY23 for Mango, the Spanish fashion company

Published: July 24, 2023
Author: Fashion Value Chain

Mango, a Spanish multinational fashion company, has reported an impressive turnover of 1.45 billion euros during the first half of fiscal 2023 (FY23). This represents a significant 20% increase compared to the same period in 2022 and a noteworthy 30% rise compared to 2019. The brand’s online sales have also experienced a substantial surge, with a nearly 10% increase year-on-year (YoY). As of June 30, Mango’s online business boasted over 150 million users and recorded an impressive 435 million log-ins.

In Spain, Mango’s retail strategy includes the exciting prospect of opening more than fifteen new stores this year. Additionally, the company plans to refurbish fifteen more locations. The growth trajectory extends to Italy, where Mango plans to open fifteen new stores in 2023. This will bring the total number of stores in Italy to over 90, solidifying the brand’s presence in the country.

Mango has also set its sights on expanding in the United States. The company aims to launch fifteen new stores and hopes to establish approximately 40 stores in the US by 2024. This ambitious plan places the US as one of Mango’s top five markets in terms of turnover.

Sales performance in Turkiye during the first half of the year has been driven by growth in both physical and online channels. In India, Mango operates in partnership with local player Myntra. It is expected that over 35 new stores will open in India in 2023, expanding Mango’s store network to over 110 by the end of the year.

On a global scale, Mango’s extensive store network now encompasses an impressive 2,615 stores worldwide. This includes over 40 net store openings since December 2022, indicating the company’s relentless pursuit of expansion and growth.

Toni Ruiz, Mango’s CEO, expressed confidence in the brand’s unique design proposal and style, attributing their positive results to an ambitious plan of international expansion. The strong performance in the first half of the year further strengthens Mango’s business model and their ecosystem of various channels and partners.

In conclusion, Mango’s notable increase in turnover during the first half of fiscal 2023 showcases the brand’s ability to adapt and thrive in a competitive fashion market. Their focus on online sales, store expansion, and strategic partnerships globally demonstrates their commitment to providing unique fashion offerings to their valued customers.

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