The Spanish fashion retailer Mango announced on Monday that its 2024 sales had increased by 8 per cent to US $ 3.62 billion, thanks to a global development strategy that prioritised the United States, much like its competitor Zara.
Reaching US $ 4.3 billion in sales by 2026 is the aim of Spain’s second-largest fashion brand, which has positioned itself as a premium retailer with a focus on partywear and higher prices than Inditex-owned Zara.
In 2024, its gross margin reached 60.7 per cent, and its net profit increased 27 per cent. The business invested approximately US $ 234 million to add 260 new stores to its network of 2,800, with its overseas outlets accounting for 78 per cent of its total sales.
After returning to the US in 2022 with its first flagship store in New York, Mango has a plan to open more than 60 stores in the US, one of its top 5 markets, between 2024 and 2025.
The company’s CEO, Toni Ruiz, announced the plan to open more stores in the United States after taking over as chairman of the board. Isak Andic, the creator and owner of Mango, passed away in a skiing accident last December.
