Mango achieves record sales in 2023 and presents new Strategic Plan to exceed 4 billion euros by 2026

• Mango increased its turnover by 15%, achieving more than 3.1 billion euros for the first time in 2023. At a constant exchange rate, it rose by 20%.
• The company has accomplished strong momentum in the physical channel during the year, with more than 130 net store openings, to reach a total of nearly 2,700 stores in over 115 markets worldwide. For its part, the online channel consolidated its growth, exceeding 1 billion euros in turnover for the first time, which accounts for 33% of the group’s total turnover. 
• By regions, the international business accounted for 77% of total turnover in 2023. Among the countries with the best results are Spain, France, Germany, Turkey and the US, which has entered the top 5 of the ranking of markets in terms of turnover.
• By business lines, Man and Kids and Teen recorded a strong performance, with turnover growth close to 20%, and now represent 11% and 8% of the group’s total turnover, respectively. Woman continues to be the driving force behind the group’s sales with growth close to 15%.
• During 2023, Mango also doubled its net profit, which rose from 81 to over 172 million euros at the end of 2023, while increasing its EBITDA by 22% to exceed 533 million euros.
• The company celebrates its 40th anniversary in 2024 at a time of strong business growth, which has led Mango to present its new Strategic Plan, called 4E, which includes the company’s business priorities until 2026. 
• The levers of the 4E Plan: Elevate, Expand, Earn and Empower, will be key to achieving the objectives set, which include sales in excess of 4 billion euros in 2026. To achieve this, the company will strengthen its differentiated value proposition and will promote an expansion plan that foresees the opening of more than 500 new stores. 

Mango, one of Europe’s leading fashion groups, closed 2023 with historic results achieving a turnover of over 3 billion euros for the first time. 

Thanks to Mango’s differential value proposition, the company’s turnover in 2023 amounted to 3.104 billion euros, 15% more than in 2022. At a constant exchange rate, turnover rose by 20%. With these results, in 2024, the year of celebration of its 40th anniversary, Mango is entering a new era of growth, which has led it to present a new 2024-2026 strategic plan, called the 4E Plan.  

Toni Ruiz, CEO of Mango, believes that "in a very competitive environment, Mango has managed to significantly increase its sales, achieving the best results in the company’s history, with a turnover above 3 billion euros for the first time. Our clients value and appreciate. The work carried out in recent years is bearing fruit: we are growing above the market, we are profitable and we are financially healthy”. 

Excellent results in 2023

The significant increase in turnover in 2023 has been accompanied by an improvement in profitability, which has led Mango to close the year with a net profit of 172.1 million euros, more than doubling the 81 million euros generated in 2022. For its part, gross operating profit (EBITDA) totalled 533 million euros in 2023, 22.2% more than in 2022.

These figures consolidate the extraordinary progression of recent years. The company has reinforced its differential value proposition in all its lines, offering a greater degree of customization and strengthening customer service, responding to their needs.

Mango is accompanying this strong period of growth with a high rate of investment. In this regard, the Barcelona-based company invested a total of 187 million euros, which represents an increase of 74% compared to the figure for 2022. Facilities and stores, logistics and technology accounted for the bulk of the investment effort. The company demonstrates its strong financial position by ending the year with no net debt.

The company has accelerated the development of its stores network in 2023, consolidating its commitment to the physical channel with more than 130 net store openings and 80 refurbishments to reach a total of nearly 2,700 stores in more than 115 markets worldwide. As a result, turnover of Mango’s physical chain increased to exceed 2 billion euros for the first time. For its part, the online channel consolidated its growth, exceeding 1 billion euros in turnover for the first time (1.037 billion euros), which accounts for 33% of the group’s total turnover. 

By regions, the international business accounted for 77% of total turnover in 2023. Among the countries with the best sales are Spain, France, Germany, Turkey and the US, which has entered the top 5 of the ranking of markets in terms of turnover just one year the Fifth Avenue store opening.   

By business lines, Man and Kids and Teen recorded a strong performance, with turnover growth close to 20%. The men’s line has increased its turnover from more than 287 million euros in 2022 to more than 340 million euros in 2023 and now represent 11% of total turnover. Kids and Teen have experienced strong growth in sales from 207 to 246 million euros at the end of the year and now represent 8% of the total. Woman remains the driving force behind the group’s business. Turnover for this line exceeded 2.5 billion euros for the first time in 2023, 15% more than in 2022. 

The ambition of the new Strategic 4E Plan 2024-26

Mango was founded as a global company with design and creativity at the heart of its business model, beginning its history in 1984 with its first store in Passeig de Gracia in Barcelona. Forty years later, the company is presenting a new Strategic Plan that will set the path for the next three years. This plan is made up of four levers represented by four Es -Elevate, Expand, Earn and Empower-. 

The 4E plan aims to achieve a turnover of more than 4 billion euros by 2026, through a differentiated value proposition, with a strong expansion drive and by improving sales in its existing stores network and in its online channel. In the words of Toni Ruiz, “I am convinced that the new 4E Plan will help us strengthen our relationship with our customers, consolidate our business model and create value in a sustained manner, reinforcing us as a reference company in the sector.”. 

The first E of the plan, Elevate, presents a roadmap that will focus on reinforcing our differentiated value proposition in all our lines. The company will elevate the brand’s value through aspiration, quality and a unique style designed in Barcelona, with excellent customer service and sustainability as a core value of the company. 

Through the second pillar, Expand, the company will remain committed to the growth of its stores, setting itself a target of 500 new store openings by 2026, principally in the firm’s strategic markets. The 4E Plan will boost its presence in markets such as Spain, France, Italy, Germany, the United Kingdom, Poland, India, Canada and the US. Although by 2023 the US has already become one of the main countries for Mango in terms of turnover, the forecast is that it will continue to grow until it becomes one of the TOP3 most important regions. The growth of its lines will also be key in the coming years.

The third pillar of the plan, Earn, will prioritise ensuring sustainable growth and improving sales in the existing stores network and in the online channel. To guarantee the creation of value, technological development, data management, artificial intelligence and operational excellence will be key. 

To achieve all of the above, counting on Mango’s main asset will be fundamental: its employees. Through the fourth pillar of the plan, Empower, the company aims to empower and develop its teams (more than 15,500 employees), promoting pride in a sense of belonging and counting on the best talent to guarantee the best organisation.

For Toni Ruiz, CEO of Mango: “The excellent results achieved in 2023, which are the best in the company’s history, are the result of the enormous effort, commitment and dedication of the people who work in Mango. Our enthusiasm and passion will be fundamental to achieving the new objectives that we set for ourselves today in the 4E Plan.”

New Board of Directors

Within the framework of its new era of growth, on 1st of March Mango strengthened its corporate governance through the incorporation of four independent directors of great prestige within its Board of Directors, increasing its composition from four to nine members.  

Mango’s new Board of Directors is made up of Isak Andic, non-executive chairman; Toni Ruiz, CEO; Jonathan Andic, Daniel López and Margarita Salvans, as executive directors; and four independent directors: Jordi Canals, professor and president of the Center for Corporate Governance at the IESE Business School; Jorge Lucaya, founding partner of AZ Capital; Jordi Constans, director and former director of various national and international companies; and Marc Puig, president and CEO of Puig. In addition, Eugenia Jover, the Head of Mango’s Legal department, has been appointed non-executive secretary of its Board of Directors.