Mango, the renowned fashion retailer, has announced impressive sales growth during the first half of 2022. The company’s turnover soared by 24.8% to €1.214 billion, surpassing the sales figures achieved during the same period in 2019. This remarkable growth signals a new stage of expansion for the Mango brand.

Furthermore, Mango reported higher gross operating profit in the first six months compared to the previous year. This exceptional performance can be attributed to the brand’s success in key markets. Although specific figures were not disclosed, it is evident that the company has experienced substantial growth and has ample cash reserves.

Consequently, Mango plans to intensify its investments for the year, with an expected investment surpassing €124 million, three times more than its investment in 2021. The company’s primary focus will be on areas such as technology, logistics, facilities, and stores.

The CEO of Mango, Tony Ruiz, expressed his satisfaction with the company’s performance, stating, “Our customers appreciate and value our products, and we have accelerated our expansion and improved our operational efficiency.”

Mango’s sales growth can be attributed to several factors. With the reopening of physical stores and the resurgence of social events, the brand was able to drive its turnover upwards. Despite challenges such as the Russia-Ukraine war and the company’s withdrawal from the Russian market, Mango’s presence in over 110 markets worldwide has proved to be a strength. The brand remains optimistic about its main operating regions.

The company highlighted the success of its sales in countries including Spain, France, the US, the UK, Italy, and India. Mango has strategically invested in these markets, recently renovating its flagship store in Haussmann, Paris, and planning to open 300 new points of sale in Spain and France by 2025. In the UK, Mango will be opening a new store in the Battersea Power Station shopping center in London. Additionally, the brand has ambitious expansion plans in southern Italy.

Mango is also determined to expand its presence in the US and India. The brand inaugurated a flagship store on Fifth Avenue in New York in May and plans to have 40 stores in the country by 2024. In India, Mango has partnered with Myntra to open 50 points of sale, with further openings anticipated in the second half of the year.

As of the end of the first half of 2022, Mango had 2,508 points of sale globally, with a net increase of 61 openings since December. The company aims to exceed 2,600 stores by the end of this year.

While Mango’s physical store openings have significantly contributed to its growth, the brand has also demonstrated resilience in its online sales. However, it is important to acknowledge the challenges of comparing to previous years, given the substantial surge in online sales during 2021 when physical stores were closed. As a result, Mango’s e-sales decreased by 3.9% in the first six months of this year, but this setback was outweighed by the growth in physical stores.

All in all, Mango’s remarkable sales growth in key markets, combined with its strategic investments, foreshadow a promising future for the brand. With its focus on expanding both its physical and online channels, Mango is strongly positioned to continue its growth and thrive in the competitive fashion industry.

Useful links:
Mango Official Website
Mango Stock Information