Mango achieves H1 sales growth of 24.8 percent

Leading European fashion group Mango reported a 24.8 percent growth in turnover to 1,214 billion euros in the first half of this fiscal year.

The company also ended the first half of the year with gross operating profit up compared to the same period in 2021.

Pending developments in the second half of the year, the company said in a statement, forecasts for 2022 are to recover pre-pandemic sales figures. Mango ended 2021 with a turnover of 2.234 billion euros, up 21.3 percent on 2020 and very close to 2019, when it achieved sales of 2.374 billion euros.

Commenting on the company’s first half trading, Toni Ruiz, CEO of Mango, said: "Our customers appreciate and value our product and we have accelerated our expansion and made our operations more efficient.”

Mango expands presence in key markets

Present in more than 110 markets around the world, Mango recorded positive performance in the main regions it operates in, with exceptions such as Russia. In the first half of the year, the company has ceased its direct operations in the Russian market, for which it has made a provision of 20 million euros.

Particularly noteworthy are key regions for Mango including Spain and France, where the company recently renovated its flagship store in Haussmann, Paris, and plans to open 300 points of sale by 2025, as well as the UK, where the company plans openings in locations such as the Battersea Power Station shopping centre in London, and Italy, with an ambitious expansion plan, especially in the south of the country.

Other markets in which Mango has had a strong performance are the United States and India. In the United States, Mango started May with the opening of a flagship store on Fifth Avenue in New York, a development plan that aims to reach a network of forty stores in the country by 2024.

In India, the company has advanced its development with its partner Myntra to 50 points of sale, with an estimated 15 to 20 more openings in the second half of the year.

At the end of the first half of the year, the company had a network of 2,508 points of sale worldwide, after a total of 61 net openings since last December. In the second half of the year, the company plans to add more than a hundred points of sale to its distribution network, with the expectation of ending 2022 with more than 2,600 points of sale.

Digital sales in the first six months of 2022 closed with a slight decline of 3.9 percent.

At the end of the first half of the year, Mango completed the civil works for the expansion of its logistics centre in Lliçà d'Amunt (Barcelona) and began installing the intralogistics systems. The expansion, which once completed will have involved a total investment of 88 million euros, will be operational in 2023 and will help Mango to centralise all its online operations and to respond to its international development.

Also the new Mango Campus, which will involve renovating the current spaces and expanding with a new corporate building, will be operational in 2024.