Spanish retailer Mango said it expects to close out the year with revenue over €3 billion ($3.3 billion), up by 12 percent over 2022.
The fast-fashion brand disclosed the forecast for record full-year sales alongside plans to expand its network—adding 500 stores over the next three years—as well as presenting plans to reinforce governance by adding four independent board members.
New board members include Marc Puig (chairman of his family’s Spanish cosmetics and fashion group), Jordi Constans (former Louis Vuitton and Danone CEO), investment banker Jorge Lucaya and business professor and governance expert Jordi Canals. Mango’s chief financial officer Margarita Salvans will also join the board of directors.
CEO Toni Ruiz is set to acquire 5 percent of Mango’s share capital in a bit to “reinforce [the company’s] stability,” according to Mango’s statement.
Mango, which was founded by Isak Andi in 1984, has ramped up efforts to rival Zara both in Spain and abroad in recent years. Growth in 2023 was driven by entering new markets, notably Texas, Georgia and California, Mango said.The company said it would elaborate further on its expansion plans during a three-year strategy presentation next March.
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Mango Plots Retail Expansion With 30 New Stores in US
The Spanish fast fashion retailer will grow its international footprint in the coming years with a focus on the US market.
