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Mango triples profits compared to 2019 and raises its sustainability targets

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Mango triples profits compared to 2019 and raises its sustainability targets

The key points

  • The Catalan group recorded a turnover of 2.234 billion, + 21.3% on 2020
  • Online accounts for 42% of turnover with revenues of 942 million
  • Profit in 2021 at 67 million, tripled compared to the pre-pandemic period

The silent giant of fast fashion: this is how we could define Mango, a Spanish company very famous at home and famous in the world (it is present in 110 countries), but in some ways anomalous, when compared with other European groups in the sector. Perhaps, however, explains CEO Toni Ruiz, the time has come to tell something more about Mango and its values, starting in any case from the very positive economic data.

Mango closed 2021 with a turnover of 2.234 billion, up by 21.3% on 2020 and which was close to that of 2019. Compared to the pre-pandemic period, on the other hand, the net profit tripled, which in 2021 was 67 million, and the debt is practically zero. Looking at revenues, here is the first anomaly of Mango: “The growth of the online channel, + 23%, was slightly higher than the overall one, but we are really satisfied with the weight of the channel, which absorbs 42% of the turnover and is equal to 942 million ”, explains Ruiz, passing through Milan just in the days when the Fuorisalone was dismantled and we were preparing for the men’s fashion week which closed last Tuesday. “Milan is a very important city and the Corso Vittorio Emanuele shop is one of the three largest we have in the world, in terms of surface area and footfall (entrances) – adds Ruiz -. In Italy we have an important presence in the north, but we have to grow in the center and in the south: I am also here to participate in some of the events we have organized in Naples and Sicily and there are several openings scheduled ». The percentage of revenues attributable to e-commerce is not deceiving, speaking of anomalies: Mango does not want to become a virtual brand, on the contrary. At the end of 2021, there were 2,447 stores, with a net balance compared to 2020 of 236 stores. “Physical stores remain the best point of contact with customers and we have also seen this with the launch of the home collection, in 2021: at the beginning it was only sold online, now it has spaces in the largest flagships, such as the one in Milan, and is having an even greater success ”, adds the CEO.

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Mango, founded in 1984 in Barcelona, ​​remains focused on women’s clothing, which absorbs around 80% of revenues, but is also investing in men’s and children’s collections and accessories. «Our size allows us economies of scale, of course, and our presence in over 110 countries allows us to attract talent of all kinds. However, the creativity and originality of our offer must remain at the center of everything – explains Ruiz -. When entering a Mango store or visiting the site, it is difficult for you to have the impression that you have already seen a style or model elsewhere ». Maybe on the catwalks, we add. And here is the other aspect that distinguishes Mango from other big names in the sector, Spanish and beyond. Ruiz does not say it clearly but that of the similarities, let’s say, between the trends dictated by the Milan and Paris fashion weeks and the fast fashion collections is a controversial topic for some time, to which Mango seems largely unrelated.

A topic that Ruiz instead feels a priority for the fashion industry and for large chains in particular is sustainability: «Every human activity, especially commercial, will always have an impact on the environment. To minimize it, we started a path years ago and set ourselves ambitious goals, which we are reaching ahead of time – explains the CEO of Mango -. We work on four areas: the use of sustainable fibers, circularity, CO2 emissions and transparency in the supply chain. We were the first Spanish company to publish the lists of “tier 1” factories, those that make the product, and of the “tier 2” factories, which deal with intermediate processes. Within the year we will do the same with the “tier 3”, that is with the suppliers of materials such as fabrics and textile accessories ».

In 2021, 80% of the garments marketed incorporated the Committed designation, double compared to the previous year: Mango defines Committed as items that contain at least 30% of more sustainable fibers and / or are manufactured using more sustainable production processes. «By 2022 we would like to reach 100%», Ruiz concludes.

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