At constant exchange rates, turnover grew by 11.6 per cent, surpassing the market average. Gross operating profit (EBITDA) climbed to €636 million, up 19 per cent YoY, while net profit reached €219 million, reflecting a 27 per cent increase from the previous year.
The rise in turnover in 2024 was complemented by an increase in gross margin, reaching 60.7 per cent of sales, along with enhanced profitability.
Mango experienced strong growth in 2024, with turnover rising 7.6 per cent to €3.339 billion (~$3.64 billion).
Investments reached a record €219 million (~$238.71 million), focusing on store expansion, technology, and logistics.
International sales contributed 78 per cent of revenue.
Sustainability efforts advanced, with 72 per cent lower-impact fibres used.
Since 2019, the company has increased its revenues by 40 per cent, above the average for the sector. The year 2024 saw the highest investment in the company’s history, 17 per cent more than the previous year, mainly allocated to the opening and refurbishment of stores, as well as to technological innovations, the expansion of its logistics capacity and its campus, Mango said in a press release.
Mango opened over 260 new physical stores in 2024, bringing the total to more than 2,800 across over 120 markets worldwide. Meanwhile, the online channel accounted for a third of the company’s sales, generating a turnover of approximately €1.1 billion.
Mango’s international business accounts for 78 per cent of total revenue. The countries with the highest turnover continue to be led by Spain, France, Turkiye, Germany and the US, closely followed by Italy, the UK and Portugal.
All business lines performed well for the company. Man, Kids and Teen segments experienced strong growth, increasing their share of total turnover. Meanwhile, the Woman segment remained the main driver of Mango’s sales, contributing 79 per cent of the business.
The growth achieved in 2024 was accompanied by a high level of investment. Mango invested a total of €219 million—part of the €600 million outlined in its strategic plan through 2026. In 2024, investments primarily focused on expanding and refurbishing its store network, advancing technological innovations, increasing logistics capacity, and developing the new Mango Campus. Throughout this expansion and investment phase, the company maintained a strong financial position.
“In 2024 we have strengthened our value proposition. We have invested strongly in improving our store network (with numerous openings and refurbishments), in technology, logistics and the new Mango Campus. We are in the best moment of our history, and we are investing to take Mango to a new level of growth. The Mango Project is stronger than ever. We are convinced that the most brilliant pages of our history are yet to be written,” said Toni Ruiz, chairman and chief executive officer (CEO) of Mango.
Commitment to society and environment
In product development, the company progressed towards its goal of using 100 per cent lower environmental-impact fibres by 2030, having already reached 72 per cent, with 25 per cent of these being recycled. Additionally, it introduced regenerative cotton into its collections for the first time through a partnership with Materra, furthering its circularity efforts.
Nearly one-third of its garments this year were eco-designed. Mango also supported sustainable, traceable, and measurable social initiatives, both within its supply chain—where it encouraged responsible practices—and in broader society. It continued its social action programmes, focusing on three key areas: education, social aid, and health, aligning with the company’s objectives outlined in its 2024-2026 Strategic Plan, the 4E Plan.
By 2026, the company expects to surpass €4 billion in turnover while remaining committed to quality, in-house design, innovation, and sustainability, added the release.
Fibre2Fashion News Desk (SG)
