Mango details plan to hit record €4 billion in sales by 2026

Mango closed 2023 with historic results, reaching a turnover of over £2.56 billion (€3 billion) for the first time. With this achievement in the bag, the Barcelona-based company has revealed a new strategic plan to exceed £3.41 billion (€4 billion) in 2026.

Thanks to Mango's "differential value proposition", the company reported a turnover of £2.63 billion (€3.104 billion) in 2023, up 15% year-on-year. At a constant exchange rate, turnover rose by 20%.

Mango closed the year with a net profit of £146.6 million (€172.1 million), more than double the year prior. Gross operating profit was up by 22% to £454 million (€533 million).

During the period, Mango opened 130 stores and refurbished 80 to reach a total of nearly 2,700 stores in more than 115 markets worldwide. Physical retail turnover increased to exceed £1.7 billion (€2 billion) for the first time. Online sales also broke a record reaching £850 million (€1 billion) in sales, accounting for 33% of the total turnover.

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 €3 billion for the first time... 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 4E Plan

In 2024, the year of its 40th anniversary, Mango will drive revenues with its new 2024-2026 strategy, called the 4E Plan. This plan aims to achieve a turnover of more than £3.41 billion  (€4 billion) by 2026 by enacting the 'four pillars'.

• The first E of the plan, Elevate, presents a roadmap that will focus on reinforcing the differentiated value proposition in all Mango lines.
• Through the second pillar, Expand, the company will remain committed to the growth of its stores, setting itself a target of 500 new openings by 2026.
• The third pillar of the plan, Earn, will prioritise ensuring sustainable growth and improving sales in the existing stores and online.
• The fourth and final pillar, Empower, aims to "empower and develop" its team of more than 15,500 employees.

Ruiz concluded: "I am convinced that the new 4E Plan will help us strengthen our relationship with our customers, consolidate our business model and create value in a sustained manner, reinforcing us as a reference company in the sector."

Cover image from left to right: Margarita Salvans, CFO; Toni Ruiz, CEO; César de Vicente, Chief Global Retail Officer