Mango is celebrating its 40th anniversary by expanding.
The fashion retailer recently delivered a flurry of announcements regarding its strategic direction, corporate structure and efforts with Mango Home.
By 2026 the retailer plans to open 500 new stores in key markets including the U.S., Spain, France, Italy, the U.K., India and Canada.
Mango currently has locations in New York, Florida, Texas, Georgia and California, and is opening locations for the first time in Washington, D.C., and Pennsylvania. Overall, Mango plans to have 40 stores in the U.S. by the end of this year, with an eye for the country to become one of the company’s top-five markets.
Additionally, in order to strengthen its corporate governance, in March Mango will enlarge its board of directors from four to nine members. One of those new appointments will be Chief Financial Officer Margarita Salvans. At the approval of the current board, CEO Toni Ruiz recently became a shareholder with a 5% stake in the company.
Mango Home, which launched in 2021 with a textile collection, will also accelerate efforts this year with the opening of stand-alone stores in Barcelona and Madrid, along with launching an online presence in Turkey. The retailer is bringing on Eva Cárdenas as an external consultant to drive growth for Mango Home. Cárdenas founded the Zara Home project and acted as the International CEO for 16 years. During that time she opened over 600 stores in 75 countries.
Founded in Barcelona in 1984, Mango currently has a presence in over 115 markets. In 2023, the company increased its supply chain transparency by publishing a full list of its tier 3 suppliers, with the aim of using visibility to propel its sustainability goals. The tier 3 list followed the publication of its tiers 1 and 2 suppliers. Mango has a team of over 20 people working on its sustainability efforts.
Mango expects to close the 2023 financial year “with record sales” in excess of 3 billion euros ($3.3 billion), per a company press release. In March the company will present its 2024 to 2026 strategic plan, which will go over international expansion, online sales and differentiated value proposal, among other objectives.
