Leading European fashion chain Mango concluded the first half of 2023 with a turnover of EUR1.45 billion (USD1.63 billion), an increase in revenues of 20 percent from the same period in 2022.
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The figures surpass Mango’s pre-pandemic revenues as it continues to advance its expansion in Asia and globally.
The company’s online business boasted over 150 million users as of June 30, with the Mango app bringing the highest growth in sales in terms of channels.
With a presence in 115 markets, Mango’s strong performance in the first half was driven by sales in key markets including Spain, the United States, Turkey, Italy, and India, where the company has tripled its presence in the past two years.
“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.
The Barcelona-headquartered company has an ambitious expansion strategy for 2023, centred on boosting brick-and-mortar presence in markets such as Italy, Turkey, India, and the United States, which Mango hopes will become one of its top five markets in terms of turnover.
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In Asia, India is of particular importance to Mango, working in tandem with local partner Myntra to open more than 35 new stores in 2023 and bring its points of sale in India up to 110 by the end of the year.
Daniel López, Mango’s expansion and franchise director, says, “India is one of the most important markets in our internationalisation strategy because, according to all forecasts, this country is destined to become the third-largest consumer market in the world within the next few years and we want Mango to have a significant presence in it.”