Spanish fashion company Mango has reported a 15 per cent increase in turnover in fiscal 2023 (FY23), surpassing the €3.1 billion (approximately $3.38 billion) mark for the first time. Adjusted for constant exchange rates, the growth rate was an impressive 20 per cent. The company's robust expansion strategy led to more than 130 net store openings, bringing its global presence to nearly 2,700 stores across over 115 markets.

The online channel played a pivotal role in Mango's success, with digital sales exceeding €1 billion, accounting for a third of the group's total turnover. International sales continued to dominate, representing 77 per cent of the total turnover. Key markets showing growth included Spain, France, Germany, Turkey, and notably, the US, which has now become one of Mango's top five markets in terms of turnover, the company said in a press release.

Mango's product lines saw significant growth compared to previous fiscal, with the men's and kids' and teen segments growing by around 20 per cent, now representing 11 per cent and 8 per cent of the total turnover, respectively. The women's line remained the cornerstone of Mango's sales, also growing close to 15 per cent.

Financially, Mango has more than doubled its net profit, soaring from €81 million to over €172 million by the end of 2023. EBITDA saw a 22 per cent increase, reaching beyond €533 million.

“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 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,” said Toni Ruiz, CEO of Mango.

Fibre2Fashion News Desk (DP)

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