Spanish fashion retailer Mango has broken its records in sales and profits in 2024. CEO Toni Ruiz wants to focus even more on international expansion, with the United States as key market.
Store openings on track
Mango’s turnover increased 7.6 % to 3.339 billion euros, an increase that would have been 11.6 % at constant exchange rates. At the same time, its EBITDA rose 19 % to 636 million euros, while net profit increased 27 % to 219 million euros. Mango attributes this success to its focus on store expansion and digital transformation. Its online sales are now almost 1.1 billion euros – a third of total revenue.
Never in its history did the company invest more than in 2024, totalling 219 million euros — 17 % more than in 2023. These funds were primarily allocated to store openings, adding 260 stores around the world. The company had earlier stated it wanted to open 500 stores in 2024 and 2025 and is almost halfway to that target. Mango’s international business now accounts for 78 % of total revenue, with key markets including France, Germany, Turkey and the United States. The company currently has over 2,800 stores in 120 markets.
Mango has reaffirmed its commitment to its strategic plan, which aims for a turnover exceeding four billion euros by 2026. Sustainability also plays a crucial role in that plan, with the target of using exclusively lower-impact fibres by 2030 and advancing circular fashion initiatives. The already achieved progress makes a confident man of chairman and CEO Toni Ruiz: “We are in the best moment of our history, and we are investing to take Mango to a new level of growth. The Mango Project is stronger than ever. We are convinced that the most brilliant pages of our history are yet to be written.”
