Sunday, February 25, 2024
HomeAccesoriesMango to open 500 new stores globally by 2026, Retail News, ET...

Mango to open 500 new stores globally by 2026, Retail News, ET Retail

Spanish fashion giant Mango has unveiled 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.

A significant boost is expected from Mango’s foray into previously untapped regions, such as the U.S. states of Texas, Georgia, and California, marking a pivotal moment in its return to the American market.

This expansion drive is part of Mango’s comprehensive three-year strategic plan, slated for presentation in March. Notably, Mango aims to double its presence in the United States, increasing the number of stores to 40 by next year. In 2023 alone, the company has successfully inaugurated 130 new stores and renovated an additional 80, solidifying its footprint with approximately 2,700 outlets across 115 markets globally.

As Mango embarks on this growth trajectory, it seeks to fortify its corporate governance by adding four independent members to its board of directors. Among them is Marc Puig, the esteemed chairman of Spanish cosmetics conglomerate Puig, renowned for housing iconic brands like Carolina Herrera, Paco Rabane, and Charlotte Tilbury. While Puig is not acquiring a stake in Mango, his appointment adds a valuable dimension to the board.

The expansion initiative aligns with Mango’s return to the United States after two previous unsuccessful attempts, emphasizing its commitment to establishing a robust presence in strategic global markets. In a bid to reinforce its leadership, Mango will expand its board to nine members from March, welcoming accomplished professionals such as 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.

Additionally, Mango announced that its Chief Executive, Toni Ruiz, has become a stakeholder in the company by acquiring a 5% ownership interest. These strategic moves underscore Mango’s determination to not only achieve unprecedented sales figures but also to elevate its corporate governance, fostering a trajectory of sustained success in the ever-evolving landscape of global fashion retail.

  • Published On Dec 24, 2023 at 11:29 AM IST

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis.

Download ETRetail App

  • Get Realtime updates
  • Save your favourite articles

Scan to download App

Source link



Please enter your comment!
Please enter your name here

Most Popular

Recent Comments