Mango Reports 8% Sales Increase, Plans US Expansion

Mango, the Spanish fashion retailer, reported an 8% increase in sales for 2024, reaching €3.339 billion ($3.62 billion), driven by its expansion strategy in the United States and a focus on premium partywear. The company's net profit also saw a significant boost of 27%, with gross margins holding steady at 60.7%. Mango plans to continue its aggressive expansion in the U.S., aiming to open over 60 new stores between 2024 and 2025 following the launch of its flagship store in New York in 2022. The international market contributes 78% of its revenue, with key markets including Spain, France, and Turkey. The retailer's substantial investment of €219 million in 2024 for new store openings and refurbishments is its highest ever, indicating a commitment to long-term growth. CEO Toni Ruiz emphasized the company's strong performance and strategic improvements in their operations and customer experience.