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

Spanish multinational fashion firm Mango reported a turnover of 1.45 billion euros in the first half of fiscal year 2023 (FY23) (H1), reflecting a 20 percent increase over the same period in 2022 and a 30 percent increase over 2019.

The brand’s online sales have grown nearly 10 percent year-on-year (YoY). As of June 30, Mango’s online business posted more than 150 million users and saw 435 million log-ins.

Multinational fashion firm Mango reported 20 percent growth in turnover in H1 FY23, surpassing pre-pandemic figures. The company’s online sales grew by 10 percent YoY in H1 FY23. Mango plans to expand its physical presence in Spain, Italy, the US, Turkey and India, aiming to have more than 2,615 stores worldwide by the end of the year.

In Spain, Mango’s physical retail strategy includes opening more than fifteen stores this year and renovating an additional fifteen. A similar growth trajectory is being replicated in Italy with plans to open fifteen new stores for 2023, bringing the total number of stores to 90, the company said in a press release.

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

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

On a global scale, Amer’s store network now includes 2,615 stores worldwide, after opening more than 40 net stores since December 2022.

“Our customers value Mango’s unique design proposition and style and we are currently engaged in an ambitious plan of international expansion. The positive results in the first half of the year reinforce our business model and our ecosystem of various channels and partners,” said Tony Ruiz, Chief Executive Officer of Mango.

Fibre2Fashion News Desk (DP)

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