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Mango slows growth, but sees profits soar by 27 percent at the close of 2024
From left to right: Margarita Salvans, chief financial officer; Toni Ruiz, chief executive officer and chairman; and Daniel López, director of the Expansion and Franchises department, during the presentation of Mango's 2024 financial year results. Credits: Mango. Spanish multinational fashion company Mango has reported its results for the latest financial year, 2024. The year saw a new all-time high in terms of both sales and profits, with sales of over 3.3 billion euros and net profits of 219 million euros. Based on information provided by the company founded by Isak Andic, and in what are the first annual results on which Toni Ruiz is reporting not only as CEO, but also as chairman of the board, Mango closed 2024 generating total sales worth 3.339 billion euros. This figure represents an increase of 7.57 percent compared to the 3.1038 billion euros invoiced during the 2023 financial year, and leaves the company growing by 40.64 percent over the 2.374 billion euros invoiced during the 2019 financial year, the last to be completed before the effects of the coronavirus pandemic. This is a positive performance, but Mango is slowing its growth, compared to the 15.45 percent increase in sales recorded at the close of 2023 with respect to the previous year's turnover figures. Meanwhile, in terms of profitability, the Spanish company has reported earnings before interest, taxes, depreciation and amortisation (EBITDA) that at the close of the year increased to 636 million euros (19.32 percent compared to the previous year's results), which resulted in a net profit totalling 219 million euros. This amount represents an improvement of 27.25 percent compared to the 172.1 million euros collected at the close of last year, as well as 943 percent compared to the then meagre 21 million euros of net profit that the company recorded at the close of 2019. "We are very pleased to present excellent results for the year 2024," a year during which "our sales grew by 7.6 percent" and during which "we have significantly improved our profitability," said Toni Ruiz, chief executive officer and chairman of Mango, in a statement shared by the management of the Spanish company. "This demonstrates the attractiveness of our value proposition and the strength of our business model," he asserted, before emphasising how throughout the year "we have continued to reinforce our value proposition", while also "investing heavily in improving our store estate", as well as "in technology, logistics and in our new Campus". Ruiz emphasises: "We are in the best moment in our history and we are investing to take Mango to a new stage of growth." Greater international presence and largest investments in company history Briefly breaking down the main details that have come to light in the company's annual accounts, by business line, Mango's Woman line has remained the company's main source of income (79 percent of the total). Meanwhile, the sum of the rest of its verticals, the menswear lines, and the childrenswear lines Kids and Teen, have together accounted for the rest of the income recorded by the company (21 percent). In terms of performance by channel, online sales accounted for nearly a third of total sales, worth close to 1.1 billion euros, climbing slightly over the just over one billion euros recorded at the close of 2023. Thus, with a turnover of close to 2.2 billion euros, the physical channel continues to generate the bulk of the company's sales. The group has sought to reinforce this predominant role this year by allocating a large part of the investments, totalling 219 million euros (17 percent), that the company has made throughout 2024 to the expansion and renovation of its commercial network. This figure represents the largest investment in its history, and a good part of the 600 million committed to investments as part of its strategic plan to 2026, and funds that have been allocated to the opening, during this past year alone, of more than 260 stores, as part of the objectives of opening 500 new points of sale between 2024 and 2026. These openings have led Mango to close the year with a commercial network of nearly 2,850 stores, spread across more than 120 markets. Meanwhile, and precisely by market, Spain accounted for 22 percent of Mango's total sales at the close of 2024. The company has thus seen its internationalisation strategies well resolved, with a reduction in the weight of its business in Spain, and a growth in its international sales, which in a single year, and while remaining on the rise in positive global growth, have gone from representing 71 to 78 percent of Mango's total revenues in 2024. This article was translated to English using an AI tool. FashionUnited uses AI language tools to speed up translating (news) articles and proofread the translations to improve the end result. This saves our human journalists time they can spend doing research and writing original articles. Articles translated with the hel
Spanish multinational fashion company Mango has reported its results for the latest financial year, 2024. The year saw a new all-time high in terms of both sales and profits, with sales of over 3.3 billion euros and net profits of 219 million euros.
Based on information provided by the company founded by Isak Andic, and in what are the first annual results on which Toni Ruiz is reporting not only as CEO, but also as chairman of the board, Mango closed 2024 generating total sales worth 3.339 billion euros. This figure represents an increase of 7.57 percent compared to the 3.1038 billion euros invoiced during the 2023 financial year, and leaves the company growing by 40.64 percent over the 2.374 billion euros invoiced during the 2019 financial year, the last to be completed before the effects of the coronavirus pandemic. This is a positive performance, but Mango is slowing its growth, compared to the 15.45 percent increase in sales recorded at the close of 2023 with respect to the previous year's turnover figures.
Meanwhile, in terms of profitability, the Spanish company has reported earnings before interest, taxes, depreciation and amortisation (EBITDA) that at the close of the year increased to 636 million euros (19.32 percent compared to the previous year's results), which resulted in a net profit totalling 219 million euros. This amount represents an improvement of 27.25 percent compared to the 172.1 million euros collected at the close of last year, as well as 943 percent compared to the then meagre 21 million euros of net profit that the company recorded at the close of 2019.
"We are very pleased to present excellent results for the year 2024," a year during which "our sales grew by 7.6 percent" and during which "we have significantly improved our profitability," said Toni Ruiz, chief executive officer and chairman of Mango, in a statement shared by the management of the Spanish company. "This demonstrates the attractiveness of our value proposition and the strength of our business model," he asserted, before emphasising how throughout the year "we have continued to reinforce our value proposition", while also "investing heavily in improving our store estate", as well as "in technology, logistics and in our new Campus". Ruiz emphasises: "We are in the best moment in our history and we are investing to take Mango to a new stage of growth."
Greater international presence and largest investments in company history
Briefly breaking down the main details that have come to light in the company's annual accounts, by business line, Mango's Woman line has remained the company's main source of income (79 percent of the total). Meanwhile, the sum of the rest of its verticals, the menswear lines, and the childrenswear lines Kids and Teen, have together accounted for the rest of the income recorded by the company (21 percent).
In terms of performance by channel, online sales accounted for nearly a third of total sales, worth close to 1.1 billion euros, climbing slightly over the just over one billion euros recorded at the close of 2023. Thus, with a turnover of close to 2.2 billion euros, the physical channel continues to generate the bulk of the company's sales. The group has sought to reinforce this predominant role this year by allocating a large part of the investments, totalling 219 million euros (17 percent), that the company has made throughout 2024 to the expansion and renovation of its commercial network. This figure represents the largest investment in its history, and a good part of the 600 million committed to investments as part of its strategic plan to 2026, and funds that have been allocated to the opening, during this past year alone, of more than 260 stores, as part of the objectives of opening 500 new points of sale between 2024 and 2026. These openings have led Mango to close the year with a commercial network of nearly 2,850 stores, spread across more than 120 markets.
Meanwhile, and precisely by market, Spain accounted for 22 percent of Mango's total sales at the close of 2024. The company has thus seen its internationalisation strategies well resolved, with a reduction in the weight of its business in Spain, and a growth in its international sales, which in a single year, and while remaining on the rise in positive global growth, have gone from representing 71 to 78 percent of Mango's total revenues in 2024.
FashionUnited uses AI language tools to speed up translating (news) articles and proofread the translations to improve the end result. This saves our human journalists time they can spend doing research and writing original articles. Articles translated with the help of AI are checked and edited by a human desk editor prior to going online. If you have questions or comments about this process email us at info@fashionunited.com
This article was translated to English using an AI tool.
