Spanish trend retailer Mango’s gross sales hit a report €2.68 billion ($2.8 billion) final 12 months, exceeding pre-pandemic ranges by 13 % as buyers saved spending on clothes amid excessive inflation and because the firm expanded in the USA and India.
“We capitalised on the tip of the (Covid) restrictions and the return to normality final 12 months with a push for brand new retailers,” chief govt officer Toni Ruiz, of the privately owned retailer, advised a information convention.
Income at Mango, which is a rival of Spanish Inditex-owned label Zara, rose 20 % from a 12 months earlier, with each in-store and on-line gross sales benefitting from shoppers’ post-pandemic urge for food for garments, regardless of robust competitors within the attire enterprise.
Its internet revenue rose 21 % to €81 million ($85.66 million).
Mango started to extend its presence in India and opened a flagship retailer in New York in Might, considered one of 9 new retailers opened in the USA final 12 months and of 119 shops in all its markets.
“America is a good market and may develop into considered one of our prime 5 in a short time,” Ruiz added. It is going to increase the variety of US shops to 40 by 2024.
In 2023, Mango is planning to open 35 new shops in India, its main market in Asia the place it would have 110 shops.
Final 12 months Mango began to switch the 55 retailers it was straight working in Russia, which is beneath Western sanctions over the invasion of Ukraine, to native companions.
Whereas 30 retailers completely closed, Mango mentioned it remained current in 90 shops in Russia beneath franchise agreements.
The corporate has 2,566 shops worldwide and expects to open extra retailers in 2023 than final 12 months, however solely a 3rd will likely be company-owned.
Mango, which has recently pushed to provide extra in close by international locations reminiscent of Turkey, mentioned most of its suppliers weren’t affected by the Feb. 6 earthquake.
By Corina Pons
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