Representing a 6.3 per cent rise over the same period last year, leading European fashion company Mango concluded the first half of the year with the biggest revenue in its forty-year history, totaling € 1.6 billion.
Mango, which celebrates its 40th anniversary in 2024, plans to surpass revenue of € 4 billion in 2026 as part of its 4E Plan, which was unveiled in March of last year. Over the next three years, the company plans to open over 500 locations and strengthen its unique value offer in order to accomplish this goal.
Commenting on the robust first half performance, Toni Ruiz, CEO of Mango, said in a statement, “The excellent performance in revenue during the first half of the year reinforces our commitment to our value proposition, our business model and the international expansion plan with which we want to continue to inspire the world with our passion for fashion.”
The company credits the group’s impressive performance to the customers’ good reactions to its collections and its value proposition, which was created in Barcelona.
Mango debuted new capsule collections during the first half of the year, including new editions of its capsule and selection collections, a new partnership with the Italian tailoring house Boglioli for Mango Man, and a woman line collaboration with Victoria Beckham.
Over the period under review, Mango Man had remarkable growth of over 21 per cent, and Mango Kids and Teens expanded by over 11 per cent. Mango Woman saw a modest 4 per cent increase, reaching its greatest revenue in the business’s history and accounting for 79 per cent of overall revenue.
With a presence in over 115 markets, the company’s foreign business accounted for over 78 per cent of the group’s total revenue. According to the firm, the markets with the largest revenue throughout the period were Spain, France, Turkey, Germany, and the US, broken down by geographic region.
With 57 net shop openings, the company kept up its physical channel expansion, and by the end of June 2024, it had 2,743 stores worldwide, 1,725 of which were company-owned and franchised stores and 1,018 of which were corners.
The company wants to surpass 2,800 locations by the end of 2024, thus its second-half goal is to keep expanding its network of stores.
