The online channel of Mango has solidified its growth, reaching a turnover of nearly 1.1 billion euros in 2024, which now accounts for a third of the fashion firm’s total sales. According to a press release from the group, the company’s revenues in 2024 rose to 3.339 billion euros, a 7.6% increase compared to 2023. At constant exchange rates, sales grew by 11.6%, outpacing the market average. This notable growth is a testament to Mango’s successful strategy and its ability to adapt to the ever-changing retail landscape.
The company’s gross operating profit (EBITDA) reached 636 million euros, a 19% increase from 2023, while the net profit stood at 219 million euros, a 27% improvement from the previous year. As explained by the company, the increase in turnover in 2024 was accompanied by an improvement in the gross margin, which stood at 60.7% of sales, as well as an increase in profitability. This achievement underscores the effectiveness of Mango’s business model and its commitment to delivering value to its customers.
Toni Ruiz, President and CEO of Mango, expressed his satisfaction with the results, stating, “We are thrilled to present excellent results for 2024. Our sales have grown by 7.6%, and we have significantly improved our profitability. The EBITDA has grown by almost 20%, and the net profit by 27%. This demonstrates the attractiveness of our value proposition and the solidity of our business model.” Ruiz’s comments highlight the company’s focus on creating a unique and compelling shopping experience that resonates with its customers.
Over the past five years, Mango has demonstrated significant improvements in its financial indicators, with a cumulative increase of 40% in its turnover. This steady growth is a result of the company’s efforts to refine its business model and reinforce its differential value proposition across all its lines. In 2024, the company invested a total of 219 million euros, out of the 600 million euros planned in its strategic plan until 2026, representing the largest investment in its history and a 17% increase from 2023. These investments focused primarily on expanding and renovating its store network, implementing technological innovations, increasing logistical capacity, and developing the new Mango Campus.
As Ruiz noted, “In 2024, we continued to strengthen our value proposition. We invested heavily in improving our store portfolio, technology, logistics, and our new Campus. We are at the best moment in our history, and we are investing to take Mango to a new stage of growth. The Mango project is stronger than ever, and we are convinced that the brightest pages of our history are yet to be written.” This commitment to innovation and customer experience is likely to drive Mango’s continued success in the competitive fashion industry.
Cross-Sectional Growth
Mango has continued to drive its business through the 4E’s that guide its roadmap. The company remains committed to delivering a differential value proposition across all its lines. The Woman line remains the primary pillar of Mango’s business, accounting for 79% of total turnover in 2024. Meanwhile, the men’s line, along with Kids and Teen, have registered strong growth, with sales increases above the market average, and now contribute 21% to the company’s total turnover.
In 2024, Mango opened over 260 stores, achieving more than half of its objective of opening over 500 stores by 2026. As of the end of the year, the company operates approximately 2,850 points of sale in over 120 global markets. Furthermore, Mango has continued to renovate its store portfolio to offer a better experience for its customers. The physical channel’s turnover reached nearly 2.2 billion euros.
The international business of Mango accounted for 78% of total revenue in 2024. The countries with the highest turnover are Spain, France, Turkey, Germany, and the United States, followed by Italy, the United Kingdom, and Portugal. This global presence is a testament to Mango’s ability to adapt to diverse markets and consumer preferences.
Sustainability Commitment
Throughout 2024, Mango has made significant strides towards sustainability, achieving advancements in circularity and environmental impact, as well as social commitment. In the product area, the company has progressed toward its goal of using 100% low-impact fibers by 2030, already achieving the use of 72% of these fibers, of which 25% are recycled. Additionally, Mango has incorporated regenerative cotton into its collections for the first time through an agreement with Materra and has advanced in circular design. This year, nearly a third of the garments have been eco-designed.
These measures reinforce Mango’s commitment to the objectives set out in its Strategic Plan 2024-2026, the 4E Plan. The company forecasts reaching a turnover of over 4 billion euros by 2026, while maintaining its focus on quality, in-house design, innovation, and sustainability. As the fashion industry continues to evolve, Mango’s dedication to sustainability and customer experience is likely to drive its long-term success.