Mango closes 2023 with record sales of €3.103 billion, doubling its profit

“2023 has been a landmark year,” began Toni Ruiz, CEO of Mango, in his address during the company’s press conference held this Monday, March 11, at its Barcelona headquarters. For the first time since its establishment in 1984, the company has surpassed the €3.1 billion revenue mark, representing a 15% growth in sales compared to the €2.688 billion recorded in 2022. At constant exchange rates, sales growth reached 20%.

The increase in revenue has been accompanied by a significant improvement in profitability, with its net profit for the past year doubling from €81 million in 2022 to €172.1 million. Concurrently, the gross operating profit has surged by 22.2% to €533.4 million, contrasting with the €436.6 million generated two years ago. According to statements from the Catalan company, “these figures underscore the extraordinary progression of recent years.”

“In a highly competitive environment, we have achieved Mango’s best results in history. It has been an excellent year, and we are very pleased with the outcomes. Customers value and appreciate Mango’s unique value proposition. The work done in recent years is paying off: we are outperforming the market, we are profitable and financially sound,” continued the company’s top executive, emphasizing that their future objectives include “consolidating the business model, creating value in a sustainable way, and maintaining efficiency.”

As such, the company’s management has emphasized the “acceleration of store network development” and “strong commitment to physical retail.” By the end of the past fiscal year, Mango had opened 130 net new stores and completed 80 renovations, reaching 2,700 points of sale across 115 international markets. Consequently, physical store revenue surpassed €2 billion for the first time, while online sales rose to €1.037 billion, representing 33% of the group’s total revenue.

In terms of markets, Spain accounts for 23% of sales, while the international business contributes 77%, driven by countries such as France, Germany, Turkey, and the United States. The latter market has become one of the group’s top five in terms of revenue volume, aligning with the company’s objective set coinciding with the opening of its first store on Fifth Avenue in New York in May 2022.

Regarding business lines, Mango has highlighted the “strong performance” of its Man, Kids, and Teen categories, which have each recorded approximately 20% growth in sales. While the men’s division increased its turnover from €287 to €340 million, representing 11% of the company’s revenue; the children’s and teenage lines saw sales rise from €207 to €246 million, accounting for 8% of total sales. However, the women’s line remains the primary revenue driver for the company, with sales increasing by 15% to €2.5 billion.

Simultaneously, the Barcelona-based company increased its investments by 74%, rising from €107 million in 2022 to €187 million in 2023. As detailed, “stores, logistics, and technology have accounted for the bulk of investment efforts.” Additionally, the company closed the fiscal year with no net debt.

Finally, the brand has unveiled a new strategic plan for the year 2026, aiming to achieve a turnover of over €4 billion and sign more than 500 new store openings.