The Spanish clothing retailer Mango presented on Wednesday some initiatives with which it wants to promote its future development.
The company, which will celebrate its 40th anniversary next year, announced that it plans to open a total of almost 500 new stores by 2026. The focus would be on “key markets” such as the USA, Spain, France, Italy, Great Britain, India and Canada.
Mango is thus continuing its expansion course: In the current year, the clothing retailer says it has already expanded its branch network by 130 additional locations. The company plans to present its complete growth concept for the coming years in March.
CEO Ruiz becomes a shareholder in the company
At the same time, the textile company announced that the board of directors would be expanded from four to nine members next spring. The aim of the measure is to strengthen corporate governance, explained Mango.
In March, Chief Financial Officer (CFO) Margarita Salvans and the independent directors Jordi Canals, Jorge Lucaya, Jordi Constans and Marc Puig will be added to the board. Company founder Isak Andic, CEO Toni Ruiz as well as Jonathan Andic and Daniel López will continue to serve on the board of directors.
Ruiz, who has led the business since 2018 and was promoted from general manager to CEO in 2020, will now also become a shareholder in the company. With the approval of the board of directors, Mango explained that he would take over five percent of the company shares.