Mango Surpasses €3 Billion Turnover, Unveils 4E Plan For Future Growth
Mango, a prominent European fashion group, achieved a historic milestone in 2023, surpassing a turnover of €3 billion for the first time. With a 15% increase compared to 2022, reaching €3.104 billion, Mango’s differential value proposition propelled its remarkable growth. This milestone marks the beginning of a new era of expansion, coinciding with the unveiling of the 4E Plan for 2024-2026.
Toni Ruiz, CEO of Mango, attributes the company’s success to its robust growth strategy, stating, “In a very competitive environment, Mango has significantly increased its sales, achieving the best results in the company’s history, with a turnover above €3 billion for the first time.”
Record-Breaking Performance in 2023
The impressive turnover in 2023 was accompanied by a substantial improvement in profitability. Mango closed the year with a net profit of €172.1 million, more than doubling the previous year’s earnings. Gross operating profit (EBITDA) reached €533 million, reflecting a 22.2% increase from 2022.
The company’s investment in facilities, stores, logistics and technology surged by 74% to €187 million, demonstrating Mango’s commitment to innovation and expansion. The physical retail chain witnessed significant growth, exceeding €2 billion in turnover for the first time, while the online channel surpassed €1 billion, accounting for 33% of the group’s total turnover.
Introducing the 4E Plan for Future Growth
With a focus on Elevate, Expand, Earn and Empower, the 4E Plan aims to achieve a turnover of over €4 billion by 2026. Elevate emphasizes reinforcing Mango’s differentiated value proposition, while Expand targets the opening of 500 new stores in strategic markets. The Earn pillar prioritizes sustainable growth and improving sales in existing stores and online channels through technological development and operational excellence. Lastly, Empower focuses on developing and empowering Mango’s workforce to ensure organizational success.
Toni Ruiz underscores the pivotal role of Mango’s employees in achieving future objectives, stating, “The excellent results achieved in 2023 are the result of the enormous effort, commitment and dedication of the people who work in Mango.”
New Board of Directors
In line with its growth trajectory, Mango strengthened its corporate governance by appointing four independent directors to its board of directors. Isak Andic serves as the non-executive chairman, alongside CEO Toni Ruiz and other executive directors. The new board members bring extensive expertise and will contribute to Mango’s strategic decision-making process.
The addition of independent directors underscores Mango’s commitment to transparency and effective governance as it embarks on a new phase of expansion and innovation.
