Spanish fashion giant Mango has announced ambitious plans to establish 500 new stores by 2026, strategically targeting key markets like the United States, Canada, France, Italy, the United Kingdom, and India. The family-owned retailer, positioned as a local competitor to Zara‘s parent company, Inditex, anticipates achieving record sales this year, projecting a growth of at least 12% compared to 2022, reaching over 3 billion euros.
Mango’s entry into previously unexplored territories, including the U.S. states of Texas, Georgia, and California, is anticipated to bring a substantial uplift, signifying a crucial milestone in its comeback to the American market.
As part of Mango’s comprehensive three-year strategic plan, slated to be unveiled in March, the company aims to strengthen its presence in the United States. Notably, Mango has the objective of doubling its footprint by increasing the number of stores to 40 within the next year. In 2023 alone, the company has successfully launched 130 new stores and renovated an additional 80, solidifying its footprint with approximately 2,700 outlets across 115 markets globally.
As Mango charts its course on this path of expansion, the company aims to strengthen its corporate governance by appointing four independent members to its board of directors. Notably, Marc Puig, the esteemed chairman of the Spanish cosmetics conglomerate Puig, known for overseeing iconic brands such as Carolina Herrera, Paco Rabane, and Charlotte Tilbury, is among the appointees. While Puig is not acquiring a stake in Mango, his addition brings a valuable dimension to the board.
The expansion initiative is in sync with Mango’s reentry into the United States, following two previous unsuccessful attempts, underscoring its dedication to establishing a strong presence in key global markets. In an effort to bolster its leadership, Mango will increase the size of its board to nine members starting in March. Accomplished professionals, including Jordi Canals from IESE Business School, Jorge Lucaya from AZ Capital, and Jordi Constans, a director with a diverse portfolio of national and international companies, will join the board.
Furthermore, Mango revealed that its Chief Executive, Toni Ruiz, has taken a significant stake in the company, acquiring a 5% ownership interest. These strategic maneuvers emphasize Mango’s commitment not only to attaining unprecedented sales figures but also to enhancing its corporate governance, cultivating a path of sustained success in the dynamic realm of global fashion retail.
