Leading Spanish fashion group Mango has recorded the highest revenue in its 40-year history in the first half of fiscal year 2024 (H1 FY24), exceeding €1.543 billion (approximately $1.68 billion). This represents an increase of 6.3% compared to the same period of the previous year, despite challenges arising from climate, inflationary pressures and geopolitical factors.
Mango recorded record sales of more than €1.543 billion (around $1.68 billion) in the first half of 2024, an increase of 6.3 percent compared to the previous year. Mango Man grew by more than 21 percent and Mango Kids and Teen by more than 11 percent. Mango Woman experienced growth of 4 percent, representing 79 percent of total sales. International sales contributed 78 percent, with the opening of 57 new stores.
Mango Man showed growth with revenues up by over 21 percent. Similarly, Mango Kids and Teen saw growth of over 11 percent during this period. The Mango Woman category, which remains the cornerstone of Mango’s business, saw a slight growth of 4 percent, achieving its highest revenue in a six-month period and accounting for 79 percent of total revenues, the company said in a press release.
The company’s international operations contributed significantly, accounting for more than 78 percent of the group’s total revenue in the first half of the year. Key markets driving this growth were Spain, France, Turkey, Germany and the US.
In addition to revenue growth, Mango expanded its physical retail presence, opening a net total of 57 new stores. At the end of June, Mango operated 2,743 stores worldwide, including 1,725 company-owned and franchised stores and 1,018 corner stores. The company aims to further increase its store network, with the goal of exceeding 2,800 stores by the end of 2024.
“In a highly competitive environment, the company has achieved the best half year in its history, with growth above the market average. The excellent evolution of revenues during the first half of the year reinforces our commitment to our value proposition, our business model and the international expansion plan with which we want to continue inspiring the world with our passion for fashion,” he said. Toni Ruiz, CEO of Mango.
Fibre2Fashion (DP) Press Desk
