Mango reports strong turnover of £1.8 billion in 2021
Mango has closed the fiscal year 2021 with a net profit of £56 million, tripling the £17.6 million recorded by the company in 2019.
The company attributed the significant improvement in profit to a turnover of £1.8 billion (€2.2 billion), 21.3% up on the £1.5 billion (€1.8 billion) posted in 2020.
In the fourth quarter of fiscal year 2021, Mango's online sales grew by 23% to £790 million (€942 million).
In 2021, Mango took its online activity to new markets, such as Thailand, bringing the total number of online markets to 85. The company closed the financial year with 226 net store openings, totalling 2,447 stores in over 110 markets.
In terms of business lines, following the integration of Violeta, womenswear increased its share to 82%, whilst menswear, kidswear and home accounted for the remaining 18%. Kidswear performed particularly well, with an almost 60% increase in sales compared to 2019.
The company also increased its investment by 64% to £37 million (€45 million), with a focus on its digital transformation as well as a network of stores.
Commenting on the results, Toni Ruiz, CEO of Mango said: "The 2021 results demonstrate the positive evolution of the company in recent years and are the result of the hard work of the entire team. Today, Mango is in an optimal position to face the future by promoting our brand and our product, remaining at the service of our customers and continuing our journey towards sustainability and operational excellence.
"The year 2021 was also full of challenges and uncertainty, but we used the strength of the Mango brand to reinforce our position in the market, and at the same time increase our profitability, as we had promised."
