Mango Ends 2023 with Record Sales of €3.103 Billion, Doubling Its Profit

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Mango Ends 2023 with Record Sales: 2023 has been a landmark year,” started Toni Ruiz, CEO of Mango, during his speech at the company’s press conference on Monday, March 11, at its Barcelona headquarters. With sales of €3.1 billion, up 15% from €2.688 billion in 2022, the company has achieved its first revenue milestone since its inception in 1984. Revenue increased by 20% when currency rates remained unchanged.

Mango Ends 2023 with Record Sales

Headquartered in Mango, Mango

Its net profit for the previous year doubled from €81 million in 2022 to €172.1 million, a figure that reflects both the rise in revenue and the considerable improvement in profitability. At the same time, compared to €436.6 million two years earlier, the gross operating profit has increased by 22.2% to €533.4 million. The Catalan firm has stated that “these figures underscore the extraordinary progression of recent years.”

“We have accomplished the most remarkable outcomes in Mango’s history in the face of intense competition. We couldn’t be happier with the results; it has been a fantastic year. Mango has a distinct value proposition that customers love and cherish. Following this, the company’s chief executive emphasized that “consolidating the business model, creating value in a sustainable way, and maintaining efficiency” are their future objectives, adding, “We are outperforming the market, profitable, and financially sound.”

Therefore, the company’s leadership has placed an emphasis on the “strong commitment to physical retail” and the “acceleration of store network development.” With 130 net new stores established and 80 renovations finished by the end of the previous fiscal year, Mango reached 2,700 places of sale in 115 foreign countries. Online sales increased to €1.037 billion, accounting for 33% of the group’s total income, while physical store revenue crossed €2 billion for the first time.

When broken down by market share, 23% of sales come from Spain and 77% come from overseas sales, with the US, France, Germany, and Turkey being the main drivers. In line with the goal stated at the time of the first store’s opening on Fifth Avenue in New York in May 2022, the latter market has grown into one of the group’s top five in terms of revenue volume.

Concerning the company’s divisions, Mango boasted about the “strong performance” of its Man, Kids, and Teen divisions, all of which saw sales increases of about 20%. The men’s sector raised sales from €287 million to €340 million, or 11% of the total; the children’s and teenage lines boosted sales from €207 million to €246 million, or 8% of the total. There was a 15% increase in sales to €2.5 billion, although the women’s line is still the main source of income for the business.

From €107 million in 2022 to €187 million in 2023, the investments of the Barcelona-based company rose by 74%. According to the report, “stores, logistics, and technology have accounted for the bulk of investment efforts.” The absence of net debt at the end of the fiscal year was another accomplishment.

At long last, the company has revealed its new long-term plan for 2026, with the ambitious goals of reaching €4 billion in revenue and signing 500 additional stores.

Ethan Sullivan

Ethan's penchant for the pulse of the fashion world extends to covering lifestyle topics, offering readers a seamless blend of the latest style updates and lifestyle trends.

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