Mango, the popular Spanish clothing retailer, saw its year-on-year (Y-o-Y) online sales soar by 36 per cent to post an impressive €766 million.
Notably, the revenue generated through its online sales represented 42 per cent of the overall turnover for the period that was plagued by coronavirus crisis.
Expectedly, the bricks-and-mortar stores’ turnover slumped by a worrying 43 per cent.
Following financial expenses and accounting adjustments, Mango made a gross loss of €110 million – in stark contrast to the gross profit of €41 million that it made in the previous year.
Despite poor turnover from physical stores, Mango has, reportedly, said that it is committed to running them, as it sees physical stores as an integral touch point with the brand within the customer journey.
Here it is important to state that Mango had 43 more physical stores in 2020 than in 2019.
Going forward, Mango is focussed to attain an online turnover of €1 billion this year. And to make this happen, it is planning ‘hyper-personalisation’ of browsing and shopping experience for customers on all digital devices.
That’s not all! Mango also plans to use latest AI-based technologies to enhance the after-sales service.
The retailer is known mainly for its menswear, womenswear and kidswear and has over 16,000 stores across the globe.