In a year that was supposed to be one of celebration but has ended up being complicated, Mango has once again recorded record numbers. The Catalan fashion brand closed 2024 with revenues that have grown almost 8% to more than 3.3 billion euros, the highest figure in its 40-year history.
These are the first tangible results of a strategic plan with which the company aims to reach 4 billion euros in turnover and open 500 new stores by 2026. Mango's highest turnover in history has been accompanied by a profit of 219 million, 27% more compared to the previous year, and an EBITDA of 636 million euros, 19% more. Debt stands at 78 million euros. A growth that is also reflected in the workforce, which has reached 16,400 employees in 2024, almost a thousand more than in 2023.
"These are excellent results. Once again, the strength of the brand, the solidity of the business model, and the success of our value proposition have been demonstrated," said Mango's CEO and chairman, Toni Ruiz, at the first presentation of results after the death last December of the brand's founder, Isak Andic.
In the last five years, the company has been immersed in an intense period of growth, going from a turnover of 2.374 billion euros in 2019 to 3.339 billion euros in 2024, almost 1 billion more, but it has also tripled its EBITDA and multiplied its profit by ten. All this, without forgetting a "challenging" global context, in Ruiz's words, with the consolidation of political instability and the proliferation of tensions in the supply chain. For now, the company is not worried about Trump's tariff threats. Mango externalizes the production of its garments to more than 2,600 factories, with China as the largest manufacturer for the Catalan company, and receives them at its logistics warehouse in Lliçà d'Amunt, from where it sends them to the more than 120 countries where it is present. This center, with 280,000 square meters, has the capacity to process one million products daily.
Mango responds to all this geopolitical uncertainty with more investment, financed with its own resources. After disbursing 219 million euros, 2024 has become "the year of most investment in history," according to CFO Margarita Salvans. Last year's budget corresponds to more than a third of what was planned in the 2024-2026 strategic plan, about 600 million euros. The bulk has gone to the inauguration of new stores, with 260 openings, "one per working day," points out the Director of Expansion and Franchises, Daniel López, and the renovation of existing premises. At the end of last year, the company based in Palau-solità i Plegamans had 2,850 points of sale spread throughout the world, with 850 own stores, and exceeded 850,000 square meters of commercial space.
Toni Ruiz: "We have the opportunity to continue moving forward. Spain is our main market and we have a market share of 3%"Spain, the United Kingdom, Italy, and France have been the countries where the clothing brand has opened the most stores, although the focus has also been placed on markets such as the United States. Since opening three years ago on Fifth Avenue in New York, Mango has expanded its presence in cities such as Miami, Houston, Dallas, Los Angeles, and Boston, reaching 42 own stores. However, international turnover represents almost 80% of the total.We have the opportunity to continue advancing. Spain is our main market and we have a market share of 3%", Ruiz emphasized. After its native country, the markets with the most weight are France, Turkey, Germany, and the United States.
With two seasons (autumn-winter and spring-summer) and 18,000 pieces for each, Mango's business is led by the women's line, which accounts for 79% of revenues. The rest is distributed among men, children, teenagers, and home. The latter, the youngest, will accelerate this 2025, with the opening of its first store on Barcelona's Diagonal, which will be followed by four more throughout the year. In-store purchases represent two-thirds of the turnover (2.2 billion euros), compared to e-commerce, which accounts for the remaining third (1.1 billion euros).
"Mango beats beyond Isak"
Andic's figure was very present at the press conference, held a few days after the accident investigation was reopened. "We appreciate the thoroughness that is being carried out," Ruiz said. For the CEO and now president after Andic's death, his loss has meant "a very deep pain." "The Mango project beats beyond Isak," Ruiz added.
Since the end of 2023, Ruiz entered Mango's capital with 5% of the shares. The remaining 95% remained in Andic's hands, a property that now needs to be seen how it will be distributed when his will is known. "It is part of the family's most absolute privacy, Isak left everything very organized," the executive explained and assured that the family "will continue the legacy." "The brightest pages in Mango's history are yet to be written," he defended.