Mango commemorates 40 years with a forecast of record sales, a new expansion plan and an improved corporate governance

Date:

  • Founded in 1984 by Isak Andic, in 2024 the company is commemorating 40 years with a forecast to achieve record sales in 2023, in excess of 3 billion euros, with close to 2,700 stores worldwide, consolidating itself as one of Europe’s leading fashion groups.
  • The company will strengthen its corporative governance with the enlargement of its Board of Directors, which will increase from four to nine members, with the incorporation of four independent board member of great prestige (Jordi Canals, Jorge Lucaya, Jordi Constans and Marc Puig) and the appointment of Margarita Salvans, the Group’s Chief Financial Officer, as new executive board member.
  • The fashion group is opening up its share capital to its Chief Executive Officer, Toni Ruiz, who will become a Mango shareholder.
  • In March, Mango will present its 2024-2026 Strategic Plan, aimed to promote its differentiated value proposal, its international expansion plan and the sales of its online channel, among other objectives.

BARCELONA,
20 DECEMBER 2023

Founded in Barcelona in 1984 by Isak Andic, Mango started out as a global company with design and creativity at the centre of its business model. Since then, the company has spent four decades looking to the future and inspiring the world with its passion for fashion and lifestyle, to become one of Europe’s leading fashion groups today.

The company, which in 2024 is celebrating 40 years since its story began with the opening of its first store in Barcelona’s Paseo de Gracia, expects to close the 2023 financial year with record sales, with a turnover in excess of 3 billion euros. This result, which improves the current sales record of 2.68 billion euros achieved in 2022, represents double-digit growth and the positive performance of all channels, including the online channel.

During 2024, Mango will promote various initiatives that will increase the stability and solidity of the Group, such as the presentation of its 2024-2026 Strategic Plan in March. The new roadmap will focus on strengthening its differentiated value proposal, commitment to innovation and sustainability, and driving sales through the major expansion of its store network and the growth of all its channels. Consequently, until 2026 the company will implement an ambitious expansion plan, with close to 500 new store openings, focusing its efforts on key markets such as the United States, Spain, France, Italy, the United Kingdom, India and Canada.

Throughout 2023, Mango has expanded its online sales to twenty new countries to exceed 110 markets worldwide and has consolidated its commitment to its physical channel with over 130 net store openings and 80 store refurbishments since the start of the year, to reach 2,700 points of sale in over 115 markets worldwide. This year, for the first time the company has entered the states of Texas, Georgia and California (United States), a country in which it has approximately twenty points of sale.

Mango, a brand valued by customers for its differentiated proposal of design, style and quality, has strengthened its commitment to quality with the launch of Capsule, its events collection for women characterised by the quality of its materials and finishes, as well as the exclusivity of its garments.

With regard to sustainability, Mango has taken one step further with the launch of its first denim collection designed with circularity criteria, in order to make the garments easier to use and recycle after their useful life, in this way promoting a second life for products.

Corporate governance

In 2024 the company will strengthen its corporate governance with the enlargement of its Board of Directors which, from March, will increase its composition from four to nine members.

The new Board of Directors of Mango will be made up of Isak Andic, Non-executive Chairman; Toni Ruiz, Chief Executive Officer; Jonathan Andic, Daniel López and Margarita Salvans, as executive board members; and four independent board members: Jordi Canals, Professor and Chairman of the Centre for Corporate Governance of the IESE Business School; Jorge Lucaya, a founding partner of AZ Capital; Jordi Constans, Director and former director of various national and international companies; and Marc Puig, Chairman and Chief Executive Officer of Puig.

In the words of Isak Andic, Non-executive Chairman of Mango, “it is a historic moment for our company. The transformation of the Board of Directors and the contribution of new independent board members, who enjoy great recognition and experience and a global vision, will drive the strategy and business of Mango, while strengthening the institutionalisation of our organisation”.

Consolidation of leadership

Mango is also reinforcing its stability and long-term project by opening up its share capital to the company’s Chief Executive Officer, Toni Ruiz, who from this December will become a Mango shareholder, with a 5% of the share capital. This operation has been approved by the Mango Board of Directors.

In the words of the Mango founder, Isak Andic: “Toni Ruiz is a director who is admired both internally and externally. He is an excellent professional and an excellent person, a quality that for me is fundamental in the management of a company. His entry in the share capital of Mango is a recognition for his outstanding management of the company in recent years, which has translated into excellent results, but, above all, represents my strong belief that his vision will contribute to the continuance, solidity and growth of Mango in the future”.

The operation, which reinforces the message of governance, in line with common remuneration practice in leading global companies in the sector, has been structured around an enlargement of Mango capital.

For his part, Toni Ruiz, the Group’s Chief Executive Officer, will embark on this new phase of his Mango career “with gratitude, excitement and great responsibility, something all the teams in the company have worked with in recent years, establishing a vision that has allowed us to become one of Europe’s leading fashion groups. We will continue to drive this project in the future, with solidity, stability and ambition, in order to leave a bigger and better company for the coming generations”.

Bhargav Pathak
Bhargav Pathakhttps://textilesresources.com
With a passion for the textile, apparel, and fashion industry, I embarked on a journey fueled by education from NIFT Gandhinagar and affiliation with NDBI at NID Ahmedabad. Since 2006, I've contributed to various corporate ventures, specializing in B2B, B2C, SaaS, and AI products within the textile domain. In July 2023, I launched TextilesResources.com, a knowledge hub offering the latest news, articles, and soon-to-come features like interviews and a trade fair calendar. Grateful for the growing community, we've recently introduced a Business Directory for enhanced visibility. Join us on LinkedIn and stay connected with the ever-evolving textile landscape!

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