Mango turnover tops €3.3bn in 2024 amid record investment
It comes as the company welcomed record levels of investment into the business and continued to consolidate its business model and differentiate its value proposition
Mango has hailed its “excellent” full-year results after turnover rose by 7.6% to €3.3bn (£2.8bn) in 2024, while net profit soared by 27% to €219m (£184m), in what the group has called the “best moment of its history” amid record investment.
Over the period, full-year EBITDA rose by 19% to €636m (£534m), and gross margin improved to 60.7%, as the retailer said these results are “proof of the positive progress made in recent years”.
It comes as the company welcomed record levels of investment into the business and continued to consolidate its business model and differentiate its value proposition across all lines. The group said it is also offering a “greater degree of personalisation” and strengthening its customer service offering.
Mango invested a total of €219m (£184m) into the business in 2024, the highest investment in Mango’s history, and 17% more than the previous year. This was mainly allocated to the opening and refurbishment of stores, as well as to technological innovations, the expansion of its logistics capacity and the new Mango Campus.
Over the year, Mango opened more than 260 stores, more than half of its target to open more than 500 stores by 2026. At the end of the financial year, the company had close to 2,850 stores in more than 120 markets around the world. In addition, Mango has continued to refurbish its store network.
Turnover in the physical channel stood at almost €2.2bn (£1.8bn), while its online channel reported turnover of €1.1bn (£923m), representing a third of the fashion company’s total turnover.
Mango’s international business accounted for 78% of total revenue in 2024, with the highest turnover reported in Spain, France, Turkey, Germany and the US, followed by Italy, the UK and Portugal.
In its latest results, Mango said it has been “consolidating a path of exponential growth” over the last five years and that since 2019, it has increased its revenues by 40%, above the average for the sector.
Toni Ruiz, chairman and CEO of Mango, said: “In 2024 we have strengthened our value proposition. We have invested strongly in improving our store network (with numerous openings and refurbishments), in technology, logistics and the new Mango Campus.
“We are in the best moment of our history, and we are investing to take Mango to a new level of growth. The Mango Project is stronger than ever. We are convinced that the most brilliant pages of our history are yet to be written.”
