Mango expects to open 500 stores through 2026
Mango is ramping up its expansion as it prepares for its 40th anniversary in 2024.
The Spain-based fashion giant said that, through 2026, it will launch 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.
“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,” Mango said in a statement.
The company also reported that it extended online sales to an additional 20 countries in 2023. It also saw more than 130 new store openings and 80 store refurbishments, ending the year with approximately 2,700 locations in over 115 markets worldwide.
Mango’s U.S. expansion in 2023 included its first-ever stores in Texas, Georgia and California, for a total U.S. store count of 20 locations. The retailer is planning on 40 stores in the U.S. by the end 2024.
In its statement, Mango also said is increasing its board of directors from four to nine members. Also, CEO Toni Ruiz has been given a 5% stake in the company, as approved by the Mango board.
“Toni Ruiz is a director who is admired both internally and externally,” said Mango founder Isak Andic. “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.”
Mango said 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.