Mango Sees 500 Store Openings Through 2026
Mango, the Barcelona-based fashion brand, plans to open about 500 stores through 2026 and close out fiscal 2023 with sales in excess of 3 billion euros.
Last year, Mango generated 2.68 billion euros.
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Mango celebrates its 40th anniversary next year and in March will present a new strategic plan for the 2024-2026 period.
“The new roadmap will focus on strengthening its differentiated value proposal, commitment to innovation and sustainability, and driving sales through the major expansion of its store network and the growth of all its channels,” the company indicated in a statement on Wednesday. “Consequently, until 2026 the company will implement an ambitious expansion plan, with close to 500 new store openings, focusing its efforts on key markets such as the United States, Spain, France, Italy, the United Kingdom, India and Canada.”
The company also reported that during 2023, online sales extended to an additional 20 countries. This year, Mango had more than 130 net store openings and 80 store refurbishments, bringing the total to about 2,700 stores in over 115 markets worldwide.
In the U.S. this year, Mango launched stores in Texas, Georgia and California, bringing the total store count in the U.S. to 20. Mango expects to have 40 stores in the U.S. by the end of 2024. The vision is for the U.S. to be one of the brand’s top five markets eventually. Mango targets 20-to-40-year-old urban-oriented men and women, with its spirited, colorful collection and relatively moderate prices.
The company did not provide any profit projections.
Mango also disclosed that it will enlarge its board of directors next March, from four to nine members. The four individuals continuing on the board are Isak Andic, Mango’s founder and non-executive chairman; Toni Ruiz, chief executive officer; Jonathan Andic and Daniel López as executive board members.
The five individuals joining the board are Margarita Salvans, Mango’s chief financial officer, as well as four independent directors including Jordi Canals, professor and chairman of the Centre for Corporate Governance of the IESE Business School; Jorge Lucaya, a founding partner of AZ Capital; Jordi Constans, director and former director of various national and international companies; and Marc Puig, chairman and chief executive officer of Puig.
“It is a historic moment for our company,” said Andic. “The transformation of the board of directors and the contribution of new independent board members, who enjoy great recognition and experience and a global vision, will drive the strategy and business of Mango, while strengthening the institutionalization of our organization.”
CEO Ruiz has been given a 5 percent stake in the company, as approved by the Mango board. Said Andic: “His entry in the share capital of Mango is a recognition for his outstanding management of the company in recent years, which has translated into excellent results, but, above all, represents my strong belief that his vision will contribute to the continuance, solidity and growth of Mango in the future.”
Ruiz said in his statement: “We will continue to drive this project in the future, with solidity, stability and ambition, in order to leave a bigger and better company for the coming generations.”
In an interview with WWD last November, Ruiz said, “Our market share is not as big as what we think we can do,” he said, citing only a 3 percent market share in its home country of Spain, where rival Inditex is by far the bigger player. “So imagine the opportunities we have.”
Among his initiatives at Mango: establishing new teen and home lines and advocating sustainability. He led a refinancing of the company’s debt to reduce costs by linking it to environmental, social and governmental goals, as well as initiating an investment in Recovero, a waste fabric repurposing company.
Mango’s 2024-2026 strategic plan, the company stated, “is aimed to promote its differentiated value proposal, its international expansion plan and the sales of its online channel, among other objectives.”
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