Mango turnover hits record €3.1bn in FY23

Spanish fashion retailer Mango has reported a 15% increase in turnover, reaching €3.1bn (£2.6bn) for the 2023 financial year. 

Man and Kids and Teen brands recorded a strong performance, with turnover growth close to 20%, and now represent 11% and 8% of the group’s total turnover, respectively. Meanwhile, Woman continues to lead the group’s sales with growth close to 15%.

During the year, Mango also doubled its net profit, which rose from €81m (£69m) to over €172m (£146m) at the end of 2023, while increasing its EBITDA by 22% to exceed €533m (£455m).

The company has accomplished strong momentum in the physical channel during the year, with more than 130 net store openings, to reach a total of nearly 2,700 stores in over 115 markets worldwide. 

To celebrate the retailer’s 40th year in 2024, Mango has announced its new Strategic Plan, called 4E, which includes the company’s business priorities until 2026. The 4E plan – Elevate, Expand, Earn and Empower – will be key to achieving the objectives set, which include sales in excess of €4bn (£3.4bn) in 2026. 

Toni Ruiz, CEO of Mango, said: “In a very competitive environment, Mango has managed to significantly increase its sales, achieving the best results in the company’s history, with a turnover above €3bn (£2.5bn) for the first time. Our clients value and appreciate it. The work carried out in recent years is bearing fruit: we are growing above the market, we are profitable and we are financially healthy.

“The excellent results achieved in 2023 are the result of the enormous effort, commitment and dedication of the people who work in Mango. Our enthusiasm and passion will be fundamental to achieving the new objectives that we set for ourselves today in the 4E Plan.”