Mango’s U.S. expansion helps sales top $3.4 billion in 2023 By Reuters
Breaking News
‘;
Published Mar 11, 2024 07:16AM ET
4/4
© Reuters. Spanish fashion retailer Mango CEO Toni Ruiz, CFO Margarita Salvans and CRO Cesar De Vicente attend the presentation of 2023 annual results at their headquarters, in Palau-Solita i Plegamans, near Barcelona, Spain March 11, 2024. REUTERS/Albert Gea
2/4
BARCELONA (Reuters) -Fashion retailer Mango said on Monday its sales rose 19% to a record 3.1 billion euros ($3.39 billion) in 2023, after matching Spanish rival Zara’s strong expansion in the United States.
Barcelona-based Mango said it exceeded its forecast of surpassing 3 billion euros in sales by offering fashion trends faster than competitors thanks to having suppliers near to its main logistics centres in Spain and factories in Asia.
Its in-house design has a firm focus on party wear and fashion pieces for upmarket shoppers who are less sensitive to higher prices in a global fast-fashion industry where the rapid growth of newer online players such as China-based Shein is putting pressure on competitors with bargain prices.
Mango has positioned itself more as a premium retailer and has higher prices than Inditex-owned Zara and Sweden’s H&M (ST:HMb) in some party pieces, retail intelligence company EDITED said.
The biggest price rises are in dresses, where average in-stock prices grew 46% for the 2024 spring collection versus two years ago in markets such as the U.S., according to EDITED.
Mango’s online sales account for a third of its total revenue.
Its net profit rose to 172.1 million euros, from 81 million euros in 2022, CEO Toni Ruiz said at a press conference.
Mango is following in the footsteps of the world’s largest listed fast-fashion group Inditex (BME:ITX), which is also expanding in the U.S.
The smaller Spanish group reported double-digit sales growth over the Christmas period in the U.S., which has become one of its top five markets.
($1 = 0.9146 euros)
Mango’s U.S. expansion helps sales top $3.4 billion in 2023
Terms And Conditions
Privacy Policy
Risk Warning
Do not sell my personal information
© 2007-2024 Fusion Media Limited. All Rights Reserved.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
