Disclosing its UK operations’ financials, renowned Spanish fashion retailer, Mango recorded a robust performance for the year ending in 2023.
During the year, Mango inaugurated many new stores across the country. The brand’s turnover surged by £16.4 million, marking a notable increase compared to the preceding year's £31.5 million. Total turnover for 2023 reached an impressive £120.8 million, with the gross margin experiencing a significant uptick to 47.1 per cent, from 41.83 per cent in the previous fiscal cycle.
The brand’s gross profit soared to £56.9 million, compared to £43.6 million recorded a year earlier, while the profit before tax surged to £5.4 million from less than £400,000 in 2022. Additionally, net profit witnessed a substantial ascent, leaping from a sub-£400k figure to £3.9 million.
The directors of brand expressed optimism regarding future growth prospects, notwithstanding prevailing economic uncertainties affecting demand levels.
Mango's proactive stance towards expansion, particularly evident in its plans to unveil more stores across the UK in the forthcoming year, is expected to bolster its performance further. This expansion drive also translates into job creation, with nearly 150 new positions generated during the period, primarily fueled by the opening of new stores.
Among its notable expansions in 2023 include the inauguration of a women's wear outlet in Manchester Trafford Centre, unveiling of a store at centre:mk in Milton Keynes. The brand also made its presence felt at Westfield Stratford City, besides securing plans to set up a new store at the Silverburn Mall in Glasgow.
