Mango reports record-breaking first half financial results
Mango has reported “strong first half financial results” today, closing the first six months of the year with the highest revenue in its 40-year history, up by 6.3% to £1.3 billion (1.543 billion euros).
The company attributes the group's strong results to the “positive reception of its collections by its customers and its value proposition, designed in Barcelona”.
During the six months, Mango reinforced its commitment to quality with the launch of new capsule collections, such as the collaboration with Victoria Beckham for its Woman line, a new collaboration with the Italian tailoring house Boglioli for Mango Man and new editions of its Capsule and Selection collections.
Mango x Victoria Beckham
Mango Man recorded strong growth of more than 21% and Mango Kids and Teen grew by more than 11% during the period.
Mango Woman remains the driving force of the group's business, with a slight growth of 4%, achieving its highest revenue in the company's history in a six-month period and representing 79% of total revenue.
Geographically, the retailer recorded revenue in its international business, which represents more than 78% of the group's total.
During the period, the company continued its expansion of the physical channel by opening 57 new stores. By the end of June, Mango's number of stores worldwide equalled 2,743.
In the UK, Mango plans to open more than twenty new stores this year, with new stores in London and Scotland and its arrival for the first time in cities in Northern Ireland and central and southern England. The company has also recently opened its first international Mango Teen store in London.
Toni Ruiz, CEO of Mango, said: "In a very competitive environment, the company has achieved the best six months in its history, with growth above the market average. The excellent performance in revenue during the first half of the year reinforces our commitment to our value proposition, our business model and the international expansion plan with which we want to continue to inspire the world with our passion for fashion".
