Mango ended 2023 with Historical facts For the first time, sales exceeded 3,000 million euros. Specifically, the Catalan fashion chain recorded sales of 3,103.8 million euros15% more compared to 2022, while The online channel exceeded the 1 billion mark (1,037 million euros) for the first time.so that it already represents 33% of the group’s total income.
With these results, Mango opens a new stage in 2024, the year of celebrating its 40th anniversary, with the presentation of a new strategic plan 2024-2026, called Plan 4E. Tony Ruiz, CEO of Mangois of the opinion that “In a very competitive environment, Mango managed to significantly increase its sales, achieve the best result in the company’s history and exceed the 3,000 million euro sales mark for the first time. Customers value and appreciate Mango’s differentiated value proposition. The work of the last few years is bearing fruit: we are growing above the market, are profitable and financially healthy.«.
As the company reports, this is “important» The increase in sales in 2023 was accompanied by an improvement in profitability, resulting in Mango ending the year with a Net result of 172.1 million euros, more than double the 81 million in 2022. He in turn The gross operating result (EBITDA) is 533 million euros22.2% more than in 2022.
Mango did it too Milestones regarding Investmentswith 187 million in 2023, an increase of 74% over 2022 (in stores, logistics and technology) and The year ended with no net financial debt.
In 2023, the textile group also accelerated the development of its branch network, with more than 130 new openings and 80 renovations nearby 2,700 points of sale in more than 115 markets worldwide. In this way, sales of Mango’s physical sales channel were increased to over 2,000 million euros for the first time.
By markets, International business accounts for 77% of total sales. The top five in terms of sales in 2023 include Spain, France, Germany, Turkey and the United States.
About business areas, Husband, children And teenager recorded strong development last year with sales growth of almost 20%. The product line dedicated to the male audience has increased its turnover from 287 million euros to 340 million euros in 2023, which already represents 11% of the group’s total turnover, while Kids and Teen has a turnover of 246 million euros (207 million euros in 2022) achieved. and already accounts for 8% of group sales.
For his part, Woman remains Mango’s key business driver. Billings exceeded 2.5 billion euros, 15% more than the previous year.
New strategic plan
Mango began its history with its first point of sale on Paseo de Gracia in Barcelona in 1984. Forty years later, the company presented its new one “Strategic Plan 2024-2026‘ for the next three years. The project called “4E” consists of: four levers represented by: Increase, expand, earn And Authorize.
He Plan 4E should be achieved in 2026 a turnover of more than 4,000 million euros, with a strong expansion push and improved sales in the existing branch park and in the online channel. «I am convinced that the new 4E plan will help us strengthen relationships with our customers, consolidate our business model and create sustainable value, thereby strengthening our position as a reference company in the sector.“, he assures Tony Ruiz.
It is collected when the 4Es are broken down Raise The project focused on reinforce the differential value proposition in all its areas. The aim is to increase the value of the brand Demand, quality and a unique style, designed in Barcelona, with good customer service and with sustainability as a cross-sectional axis, says a statement from the company.
In ExpandThe company will continue to focus on growing its stores with the goal of opening more than 500 new branches by 2026, mainly in Mango’s strategic markets. In particular, the presence will be intensified in Spain, France, Italy, Germany, the United Kingdom, Poland, India, Canada and the United States, while the third pillar, Earnhis priority is to ensure that drive sustainable growth and higher sales in stores and online channels. In this process, technological development, data management, artificial intelligence and operational excellence are crucial, they explained.
To achieve all of these goals, Mango is committed to the fourth pillar: peopleso that through the fourth pillar of the plan AuthorizeThe company’s goal is to strengthen and develop its teams (more than 15,500 employees), promote pride of belonging and have the best talent and organization to achieve the framework objectives of the 4E plan.
«The excellent results achieved in 2023, the best in the company’s history, are the result of the enormous effort, commitment and dedication of the people who work at Mango. Likewise, our enthusiasm and passion will be fundamental to achieving the new goals we have set today in Plan 4E.«, emphasized the CEO of the group.
New board
As part of its new growth phase Mango has strengthened its corporate governance by adding four highly respected independent directors to its board on March 1, increasing its composition to nine members.
Mango’s new board consists of: Isak Andicnon-executive chairman; Tony RuizCEO; Jonathan Andic, Daniel Lopez and Margarita Salvans, as managing director; and four independent directors: Jordi channelsProfessor and President of the Center for Corporate Governance at IESE Business School; Jorge LucayaFounding Partner of AZ Capital; Jordi Constans, director and former director of various national and international companies; And Marc Puig, President and CEO of Puig. Additionally, Eugenia Joverresponsible for legal advice to Mango, is appointed as non-advisory secretary to the board itself.