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Spanish firm Mango’s turnover surges 20% in H1 FY23

Spanish multinational fashion firm Mango has reported a turnover of 1.45 billion euros in the first half (H1) of fiscal 2023 (FY23), reflecting a 20 per cent increase compared to the same period in 2022 and a 30 per cent rise compared to 2019.

The brand’s online sales witnessed a nearly 10 per cent surge year-on-year (YoY). As of June 30, Mango’s online business posted over 150 million users and witnessed 435 million log-ins.

In Spain, Mango’s physical retail strategy includes more than fifteen store openings this year and the refurbishment of an additional fifteen. A similar growth trajectory is being replicated in Italy with fifteen new store openings planned for 2023, raising the total store count to over 90, the company said in a press release.

As part of its US market expansion, the company aims to launch fifteen new stores and aspires to establish around 40 stores in the US by 2024, making the country one of its top five markets in terms of turnover.

In Turkiye, the sales performance in the first half of the year was driven by growth in both physical and online channels. In India, where Mango operates in partnership with local player Myntra, over 35 new stores are set to open in 2023. This expansion will take its store network to over 110 by the end of the year.

On a global scale, Mango’s store network now encompasses 2,615 stores worldwide, following over 40 net store openings since December 2022.

“Our customers value Mango’s unique design proposal and style, and we are currently engaged in an ambitious plan of international expansion. The positive results in the first half of the year strengthen our business model and our ecosystem of various channels and partners,” said Toni Ruiz, Mango’s chief executive officer.

Source : fibre2fashion