Mango, which aims to reach EUR 4 billion in sales by 2026, said on Monday it would increase sales by 7.6 per cent in 2024 to EUR 3.33 billion. Net profit rose 27 per cent to EUR 219 million. After opening its first flagship shop in New York in 2022, the retailer plans to open more than 60 shops in the States between 2024 and 2025. The company aims to have the US among its top three markets by next year, and Ruiz added that he sees “huge potential for growth”, the kind he doesn’t see in Russia (after the invasion of Ukraine in 2022, Mango relocated the 55 shops it had in Russia under franchise)…
.. is nevertheless considering a range of higher quality, more ‘trendy’ clothing and accessories for the US market, said Ruiz – recalling the label’s upgrade strategy for its premium positioning in the States. Higher priced items generally have a higher profit margin, which makes it easier to absorb the additional costs.
