Despite slow growth in the 2024 financial year, Mango has again set records in sales and results. The Spanish clothing provider achieved new records in terms of sales and profits. The turnover was over 3.3 billion euros, the net profit at 219 million euros.
According to the company, which was founded by the recently deceased, Mango generated total sales of 3.34 billion euros in 2024. This corresponds to an increase of 7.57 percent compared to the EUR 3.10 billion in 2023. A very positive result, which, however, represents a slowdown of growth compared to the increase in sales of 15.45 percent in 2023 compared to the previous year.
With regard to profitability, the Spanish company reported a result before interest, taxes and depreciation (EBITDA) of 636 million euros (+19.32 percent compared to the previous year), which led to a net profit of 219 million euros. This corresponds to an increase of 27.25 percent compared to the 172.1 million euros in the previous year.
Stronger international presence and highest investments in the company’s history
The most important details of the annual financial statements according to business areas show that the women’s fashion from Mango continues to be 79 percent of total sales and thus the company’s main source of income. The other business areas, men’s fashion and child and youth fashion made the remaining 21 percent of sales together.
If you look at the sales channels, online sales made up about a third of the total turnover with just under 1.1 billion euros and thus easily increased compared to the just over 1 billion euros in 2023. With sales of almost 2.2 billion euros, inpatient trading continues to generate most of the revenues.
The group wanted to strengthen this dominant role this year by putting a large part of the investments of 219 million euros (+17 percent) in the expansion and modernization of its sales network. This is the biggest investment in the history of the company and a significant part of the 600 million euros, which is intended for investments as part of the strategy plan by 2026.
Last year alone, over 260 new branches were opened with these funds, as part of the goal of creating a total of 500 new sales outlets between 2024 and 2026. As a result, Mango had a sales network of almost 2,850 branches in more than 120 markets at the end of the year.
Broken down according to markets, 22 percent of the total turnover from Mango in Spain was eliminated at the end of 2024. The company sees its internationalization strategy as successful because the proportion of Spanish business has decreased and international sales have increased. While global sales remained positive as a whole, the share of international business in the total turnover of Mango rose from 71 to 78 percent in 2024.