Mango half-year sales up by nearly 25%
Mango is continuing on its strong growth trajectory with sales in the first half of 2022 up by 24.8% on the same period in 2021.
The Spanish-based global fashion giant said the performance also meant growth was up against the same period pre-pandemic in 2019. Gross operating profit was also up against the first half in 2021.
The company ended the first half of the year with a turnover of €1.214 billion (£1.02bn), compared to €973 million (£823m) in 2021.
Mango said the strong performance was aided by good growth in the key markets of Spain, France, the United States, the UK, Italy and India.
It intends to capitalise on the momentum with increased investment in technology, logistics, facilities and stores with investment levels set to reach €124 million (£104m) this year. It will invest in its digital platform but has also committed to net 60 new store openings by June.
The company said that particularly noteworthy were key regions for Mango including Spain and France (where the company has just renovated its flagship store in Haussmann, Paris, and plans to open 300 points of sale by 2025), as well as the UK, where the company plans openings in locations such as the Battersea Power Station shopping centre in London, and Italy, with an ambitious expansion plan, especially in the south of the country.
Other markets in which Mango has had a strong performance are the United States and India, two of the strategic countries for the current financial year. In the United States, Mango started May with the opening of a flagship store on Fifth Avenue in New York, and a development plan that aims to reach a network of forty stores in the country by 2024.
In India, meanwhile, the company has advanced its development with its partner Myntra to 50 points of sale, with an estimated 15 to 20 more openings in the second half of the year.
At the end of the first half of the year, the company had a network of 2,508 points of sale worldwide, after a total of 61 net openings since last December.
Mango CEO Toni Ruiz said that "the progress of the first half of the year is another sign of the new stage of growth which Mango is in."
"Our customers appreciate and value our product and we have accelerated our expansion and made our operations more efficient," he added.
Read our recent Secret Shopper feature on Mango Oxford Street here.
