Spanish fashion label Mango has seen its sales rise by a quarter in the first half of the year and has surpassed pre-Covid levels again.
Investments tripled
In the first half of 2022, Mango raised its sales by 24.8 % to 1.2 billion. Sales were higher than in the first half of 2019, when the Covid pandemic had not yet hit the retail sector. Gross profit is also said to be higher than a year ago, but the company does not provide concrete figures on this. However, due to the strong comparison base, online sales dropped by 3.9 %.
CEO Tony Ruiz says the results show that Mango is in a new growth phase, Fashion Network reports. France, Italy, Spain and the United Kingdom are the main markets today, but the brand is also focusing its investments on the United States and India. Mango has already accelerated its expansion recently and made its operations more efficient, but is going to invest considerably more this year: the label is increasing its investment budget to 124 million euros, three times the amount it will have in 2021.
Mango wants to open another 300 outlets in Spain and France by 2025, while its flagship store on Boulevard Haussmann in Paris recently received a makeover. In Italy, there is an ambitious expansion plan, especially in the south of the country. By 2024, Mango wants forty shops in the United States, on top of the brand new flagship on Fifth Avenue in New York. By the end of this year, the chain hopes to have more than 2,600 shops worldwide.
