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Spanish apparel retailer Mango to cut prices by 20%

07
Mar '12
Spanish apparel retailer Mango has announced a 20 percent reduction in prices on its entire Spring-Summer collection at its outlets worldwide.

The company said the cut in prices this season is being made to adapt to the new global economic condition.

The statement said the company felt it necessary to lower prices and offer on-trend items to its customers in view of the present economic situation.

However, the company clarified that the price has not been reduced uniformly by 20 percent on all items. It said the average discount price is 20 percent, which means the discount would be greater on some items while it would be less on some other products.

Mango hopes to increase the prices after the end of Spring-Summer season.

Mango spread outside Spain with the launch of two franchises in Portugal in 1992. Currently, it has 2,415 outlets across 107 nations and is the second-largest Spanish company after Inditex in exports of womenswear.

Mango group posted sales of €1.27 billion in 2010, the year for which financial results are last available. Mango's overseas stores contributed about 81 percent of this turnover.

Fibre2fashion News Desk - India


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