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Mango overcomes “complex market” and reaches £72m profit in 2022

Chloe Burney
09 March 2023

Global fashion retailer Mango saw profit of £72 million (€81 million) in the 2022 financial year, achieving record sales at the business.

Mango’s net profit was up by 20.9% in 2022 compared to 2021. Turnover reached £2.39 billion (€2.69 billion), the highest in the company’s history and 20.3% more than in the previous year.

In 2022, the company witnessed strong brick-and-mortar growth, largely due to the full resumption of store activity post COVID-19 and 119 new store openings. By the end of 2022, Mango’s portfolio boasted 2,566 stores.

In terms of categories, 'Woman' remains the driver of the group’s sales, accounting for 82% of total turnover. 'Man' saw an increase of 30% and 'Kids' saw 18% growth.

Gross operating profit (EBITDA) stood at £387.5 million (€436.62 million), £12.4 million (€14 million) higher than the figure posted in 2021. This result was influenced by challenging economic and geopolitical conditions, such as the war in Ukraine and the suspension of Mango operations in Russia. Gross profit at the end of the financial year was 56.9%, compared to 58.2% in 2021.

Toni Ruiz, Mango’s Chief Executive Officer, commented: "We have closed what is probably one of Mango’s best years, overcoming complex market circumstances and committing to strong investments with a future vision and ambition

"At Mango, we have consolidated ourselves as one of Europe’s leading fashion groups. We have demonstrated the validity and robustness of our business model based on a unique ecosystem of channels and partners. In the last few years, we have recovered our essence, with unique design as a starting point and innovation as a core value in all the departments of the company".

This follows the news that Mango has Alexia Putellas as its new brand ambassador, marking the latest appointment in a slew of high-street retailers signing celebrated athletes.

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