Mango, the popular fashion retailer, is celebrating its 40th anniversary by embarking on a major expansion plan. The company recently made several announcements regarding its strategic direction, corporate structure, and efforts with Mango Home.
Mango, the popular fashion retailer, is celebrating its 40th anniversary by embarking on a major expansion plan. The company recently made several announcements regarding its strategic direction, corporate structure, and efforts with Mango Home.
According to a press release, Mango plans to open 500 new stores by 2026 in key markets such as the U.S., Spain, France, Italy, the U.K., India, and Canada. This expansion will bring the total number of Mango stores to over 2,700 worldwide. The company currently has locations in New York, Florida, Texas, Georgia, and California, and is set to open new stores in Washington, D.C. and Pennsylvania for the first time. With this expansion, Mango aims to make the U.S. one of its top-five markets.
To strengthen its corporate governance, Mango will be enlarging its board of directors from four to nine members in March. One of the new appointments will be Margarita Salvans, who will serve as the Chief Financial Officer. In addition, CEO Toni Ruiz recently became a shareholder with a 5% stake in the company, with the approval of the current board.
Mango Home, the company's home goods division, will also see significant growth this year. The retailer plans to open stand-alone stores in Barcelona and Madrid, as well as launch an online presence in Turkey. To drive this growth, Mango has brought on Eva Cárdenas, the founder of Zara Home and former International CEO, as an external consultant. Cárdenas has a wealth of experience in the home goods industry, having opened over 600 stores in 75 countries during her time at Zara Home.
Founded in Barcelona in 1984, Mango currently has a presence in over 115 markets. In 2023, the company made a commitment to supply chain transparency by publishing a full list of its tier 3 suppliers. This was in addition to the previously published lists of its tier 1 and 2 suppliers. Mango has a dedicated team of over 20 people working on sustainability efforts.
The company expects to see record sales in excess of 3 billion euros ($3.3 billion) by the end of the 2023 financial year. In March, Mango will present its 2024 to 2026 strategic plan, which will outline its goals for international expansion, online sales, and a differentiated value proposition.
Sources: https://www.retaildive.com/news/mango-to-open-500-new-stores-by-2026/703971/
