Spanish clothing retailer Mango has ended the first six months with sales growth that even exceeded the same period before the 2019 pandemic.
Mango achieved sales of 1.214 billion euros in the first half of 2022. Compared to the 973 million euros in the same period of the previous year, the company was able to increase this by 24.8 percent. This emerges from the current business figures, which the company announced on Thursday.
Expansion in brick-and-mortar retail – slight decline in e-commerce
The domestic Spanish market and France, where the company has just renovated the Paris flagship, play an important role in this. According to the statement, there will be 300 points of sale on the French market by 2025. In addition, expansion in the United Kingdom – where an opening is currently planned in London’s Battersea Power Station shopping center – and in Italy will be pushed ahead.
In the USA there should be a total of 40 locations by 2024, and the company is also planning many new openings in India: with its partner Myntra, the number of points of sale has been increased to 50, with 15 to 20 to follow in the second half of the year. Mango currently operates 2,508 sales outlets worldwide. In Russia, the company has given up its “direct activities” and set aside a reserve of 20 million euros, sources from Barcelona say.
Mango was unable to continue the boom in online retail caused by the pandemic in the first six months of the year. Compared to the same period last year, the fashion retailer posted a decline of 3.9 percent.
Mango wants to triple investments
In addition to investments in stationary retail, the areas of technology and logistics are also to be strengthened. In total, Mango plans investments of 120 million euros in 2022.
“Our customers love our product and we have accelerated our expansion and made our operations more efficient,” said. Mango CEO Toni Ruiz.