Barcelona-based Mango Reports Heady 2024 Growth
Mango’s heavy investments in expansion are paying off.
The Barcelona-based global fashion chain generated 3.34 billion euros in volume for the year ended Dec. 31, a 7.6 percent increase from 2023.
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Earnings before interest, taxes, depreciation and amortization in 2024 increased 19 percent to 636 million euros, while net profit rose 27 percent to 219 million euros.
Mango invested 219 million euros in its expansion efforts last year, out of the 600 million euros foreseen through 2026.
Toni Ruiz, chairman and chief executive officer of Mango, said in a statement that the results “demonstrate the attractiveness of our value proposition and the soundness of our business model.
“We have invested strongly in improving our store network with numerous openings and refurbishments, and in technology, logistics and the new Mango campus,” Ruiz said. “We are in the best moment of our history and we are investing to take Mango to a new level of growth.”
The new, 1 million-square-foot campus in Palau-Solità i Plegamans, on the outskirts of Barcelona, includes offices, the design department and the renovated factory. It was conceived as a research, development and innovation center and is designed to promote interaction between employees, spurring creativity with open spaces and a blend of digital and physical elements.
Mango said that its women’s business remained a “pillar” last year, representing 79 percent of the turnover. The company also said that men’s, kids and teens also performed strongly, accounting for the remaining 21 percent of the volume. The brand is known for its casual, colorful Mediterranean-influenced collection in moderate to better prices.
Last year, Mango opened more than 260 stores, achieving more than half of its targeted 500 store openings by 2026. At the end of 2024, the company had nearly 2,850 stores operating in about 120 markets around the world.
The U.S. is Mango’s primary growth market. In 2024, the company exceeded its goal of reaching 40 company-owned stores in the U.S. with initial openings in Pennsylvania, Massachusetts and Washington, D.C., as well as new doors in California, including the first Mango in San Diego.
In 2025, Mango plans to further increase its U.S. presence by opening 20 more stores, bringing the total to about 65 company-owned units nationally. Growth will focus on the Sun Belt and the Northeast. The first Washington state store will be in Bellevue Square in the Greater Seattle area. The first Illinois store will be in Chicago on Michigan Avenue, and the first Nevada store will be in Las Vegas in the Fashion Show shopping center. Mango also plans to open its first stores in Connecticut, Arizona, Ohio, Oregon and Louisiana and will increase its presence in California, with a focus on the San Francisco area, and in Texas, with a store in the Houston Galleria.
Mango has also zeroed in on New York City for growth. A 13,000-square-foot store at 1976 Broadway, situated between 66th and 67th Streets, is expected to open sometime this summer, marking the company’s fourth store in Manhattan.
In other 2024 statistics, Mango’s brick-and-mortar operations accounted for nearly 2.2 billion euros, while online sales reached nearly 1.1 billion euros.
Mango’s international business accounted for 78 percent of the volume, with the highest turnover seen in Spain, France, Turkey, Germany and the U.S., followed by Italy, the U.K. and Portugal.
To support the growth, the company indicated that it increased its workforce by more than 900 employees last year to more than 16,400.
The company also said it was progressing in its goal to use 100 percent lower environmental impact fibers by 2030 — it is already already at 72 percent.
Mango expects to surpass $4 billion in annual euros in 2026.
Ruiz added the title of chairman last January following the death of Mango’s founder Isak Andic who in December 2024 was killed in a spelunking accident in a cave of the Montserrat mountain range in Catalonia, Spain, during an excursion with his family.
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