Mango, the Spanish fashion retailer, hit a record in sales numbers with sales hitting 2.68 billion euros (US $ 2.8 billion) last year. These numbers exceeded pre-pandemic levels by 13 per cent as a result of spending by consumers even with inflation and the company further expanding into India and the United States.
“We capitalised on the end of the (Covid) restrictions and the return to normality last year with a push for new shops,” Toni Ruiz, the CEO of the privately owned retailer, told a news conference.
Mango, which is a rival of another Spanish brand Zara, saw a rise in revenue by 20 per cent from a year earlier. This was despite tough competition in the apparel business since Mango benefitted from the post-pandemic appetite for clothes from consumers in both in-store and online sales.
Net profit for the company rose to 81 million euros (US $ 85.66 million), a rise of 21 per cent.
Mango opened a flagship store in New York in May and also increased its presence in India. The New York flagship store is one of nine new shops opened by Mango in the US last year and of 119 outlets in all its markets.
“The United States is a great market and should become one of our top five very quickly,” Ruiz added. It will expand the number of U.S. stores to 40 by 2024.
Mango is planning to open 35 new stores in India, its leading market in Asia, in 2023, and plans to have 110 outlets in the country.
The company has 2,566 outlets worldwide and expects to open more shops in 2023 than last year, but only a third will be company-owned.