Spanish fashion company Mango has revealed plans to execute an expansion strategy that includes opening 500 new stores by 2026.

The new stores will be located in key markets such as Canada, France, India, Italy, Spain, the UK and the US.

Mango has opened 130 new stores and revamped another 80 in 2023, taking its total point of sales to 2,700 in more than 115 markets.

In March 2024, the retailer will expand its board of directors to nine by adding new independent members including Marc Puig, chairman of Spanish cosmetics group, Puig.

It has also appointed its group chief financial officer Margarita Salvans as an executive board member.

The company’s chief executive Toni Ruiz has become a shareholder after buying a 5% stake in the company.

Mango founder Isak Andic stated: “Toni Ruiz is a director who is admired both internally and externally. He is an excellent professional and an excellent person, a quality that for me is fundamental in the management of a company.

“His entry in the share capital of Mango is a recognition for his outstanding management of the company in recent years, which has translated into excellent results, but, above all, represents my strong belief that his vision will contribute to the continuance, solidity and growth of Mango in the future.”

The retailer also expects turnover for the financial year 2023 to be more than €3bn ($3.28bn), an increase from €2.68bn in 2022.

This is driven by double-digit growth and strong performance across all channels, including the online channel. 

In July 2023, Mango revealed plans to open seven stores in the Netherlands during the year.