Spanish fashion retailer Mango has reported a significant surge in its turnover figures for fiscal 2024 (FY24), propelled by the enhancement of its unique value proposition.
The company’s turnover reached €3.33bn ($3.60bn) in FY24 – a 7.6% rise from FY23.
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When adjusted for currency fluctuations, growth hit 11.6%, exceeding the industry norm.
Turnover from bricks-and-mortar stores accounted for €2.2bn, while the e-commerce sector solidified its growth close to €1.1bn – one-third of Mango’s total turnover.
Mango’s international operations generated 78% of the company’s revenue in 2024, with Spain, France, Turkey, Germany and the US leading in turnover, followed by Italy, the UK and Portugal.
The company also saw its gross margin increased to 60.7% of sales in FY24.
Mango’s earnings before interest, taxes, depreciation and amortisation (EBITDA) – gross operating profit – soared to €636m over the fiscal, up by 19% from 2023, and net profit climbed 27% to €219m.
Mango’s growth trajectory in 2024 was marked by robust investment activities totalling €219m as part of its strategic plan through 2026.
This represents an increase of 17% over the previous year’s investments.
The funds were primarily allocated to store network expansion and modernisation, technological advancements, logistics capacity enhancement and the development of the new Mango Campus.
During 2024, Mango inaugurated 260 new stores, surpassing half of its goal to open more than 500 stores by 2026.
By year-end, Mango operated almost 2,850 stores across over 120 markets globally. The company also invested in renovating existing stores to elevate customer experience.
Mango also expanded its workforce by more than 900 individuals, ending the year with more than 16,400 employees.
Mango chairman and CEO Toni Ruiz stated: “In 2024 we have strengthened our value proposition. We have invested strongly in improving our store network (with numerous openings and refurbishments), in technology, logistics and the new Mango Campus.
“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.”
In February 2025, Mango announced plans to expand its UK footprint with 20 new store openings during the year.
