19 July 2022, Mumbai:
Fashion brand Mango’s sales grew 24.8 percent to €1.214 billion in the first six months of 2022. The brand’s sales surged past the figures achieved for the first half of 2019.
The brand’s gross operating profit also grew in the first six months compared to a year ago as its key markets performed well.
The company’s investments are expected to rise above €124 million for the year as a whole.
It will mainly focus on upgrading technologies, logistics, facilities, and stores, as per Tony Ruiz, CEO.
The brand’s growth was driven by a return to stores from April and the return of social events to drive turnover upwards, he adds. Its presence in more than 110 markets around the world also helped the firm in boosting business in main regions.
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Mango focused on investing in countries such as Spain, France, the US, UK, Italy, and India.
It recently renovated its Haussmann flagship store in Paris and plans to open 300 points of sale by 2025 in Spain and France. In the UK, it plans to open in the new Battersea Power Station shopping centre in London, and in Italy, it plans to expand in the south region.
In the US, it plans a network of 40 stores by 2024. In India, meanwhile, it is partnering with Myntra to open 50 points of sale, with an estimated 15 to 20 more openings due in the second half.
By the end of the first half, Mango had 2,508 points of sale worldwide with 61 net openings since December. It expects to have more than 2,600 stores by the end of this calendar year.
CREDITS: Fashion Network
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