The online channel played a fundamental role in Mango's success, with digital sales exceeding one billion euros, representing a third of the group's total turnover. International sales continued to dominate and accounted for 77 percent of total turnover. Key markets showing growth included Spain, France, Germany, Turkey and, in particular, the United States, which has now become one of Mango's top five markets in terms of turnover, the company said in a press release.
Mango reported a 15 percent turnover increase in FY23, reaching more than €3.1 billion ($3.38 billion), with a notable 20 percent increase at constant exchange rates. The company's online sales exceeded one billion euros, 33 percent of total turnover. International business accounted for 77 percent, with the United States entering the top five markets. The women's line grew 15 percent.
Mango's product lines experienced significant growth compared to previous prosecutor, The men's, children's and adolescent segments grew by around 20 percent, now representing 11 percent and 8 percent of total turnover, respectively. The women's line continued to be the cornerstone of Mango's sales, also growing close to 15 percent.
From a financial point of view, Mango has more than doubled its net profit, going from €81 million to more than €172 million by the end of 2023. EBITDA saw a 22 percent increase, exceeding €533 million .
“In a very competitive environment, Mango has managed to significantly increase its sales, achieving the best results in its history, with a turnover of more than 3,000 million euros for the first time. Our clients value and appreciate. The work done in recent years is bearing fruit: we are growing above the market; “We are profitable and financially healthy,” he said. Toni Ruiz, general director of Mango.
Fiber2Fashion News Desk (DP)
