Spanish fashion retailer Mango has achieved its highest half-year revenue in history, exceeding €1.5bn as of June 2024.
- The revenue milestone marks a 6.3% growth compared to the same period in the previous year, driven by international sales.
- Mango’s womenswear division remains dominant, contributing 79% of total revenue, with menswear showing the highest growth in the period.
- The retailer has significantly expanded its global footprint, adding 57 new stores, aiming for 2,800 stores by year-end.
- CEO Toni Ruiz highlights the performance as the best in Mango’s 40-year history, emphasising the brand’s commitment to its value proposition.
Mango, the prominent Spanish fashion retailer, has reported a historic achievement in its half-year financial results, with revenue surpassing €1.5bn (£1.3bn) in the first six months ending 30 June 2024. This achievement represents a 6.3% increase over the same period last year and reflects significant growth in international markets including France, Turkey, Germany, the US, and Spain.
The international segment of the business has been a major contributor, with 78% of Mango’s total revenue stemming from its operations across 2,743 stores in more than 115 countries. This period also saw the opening of 57 new stores, including the first dedicated Mango Teen store in London.
Mango’s store expansion strategy remains ambitious, with plans to increase its presence to 2,800 locations globally by the end of 2024. This plan includes the introduction of 20 new stores across the UK, extending into Northern Ireland and various parts of England and Scotland.
The company’s product diversification strategy continues to pay dividends, particularly in its menswear category, which recorded a remarkable 21% growth year-on-year. Meanwhile, the Mango Kids and Teen lines experienced an 11% increase, demonstrating the brand’s successful appeal across various market segments.
Despite a slower growth rate compared to previous years, with 20% growth in 2023 and 24.8% in 2022, CEO Toni Ruiz remains optimistic, citing this period as the best in Mango’s 40-year history. Ruiz emphasises Mango’s dedication to its business model and international expansion, highlighting its ongoing commitment to inspiring global fashion enthusiasts.
Mango’s remarkable revenue performance in the first half of 2024 underscores its successful international expansion and strong market positioning.
