Mango ended its 2011 fiscal year with revenues of 1.4 billion euros, or $1.83 billion at current exchange, for the Mango MNG Holding SLU Consolidated Group and subsidiary companies, an 11 percent increase from 2010.
About 82 percent of 2011 revenues came from foreign markets, given the retailer’s strong international presence, with the remaining 18 percent attributed to Spain, its domestic market.
Online revenue in 2011 was 36.2 million euros ($47.4 million), a 72 percent increase over the previous year. Mango.com is available in much of Europe, the U.S., Canada, Japan, South Korea, Turkey, China, Russia, Hong Kong, Macao, India, the Philippines and Malaysia. In 2012, Mango plans to continue expanding online and doubling sales through its Web site and by opening online concessions on the top Web sites worldwide.
The retailer in 2011 opened 644 stores, eight of which were in Spain. The balance of the units were in foreign markets. Mango consolidated markets in Eastern Europe, the Middle East and Asia and entered Bermuda, Monaco, Guadeloupe, Kyrgyzstan, Sri Lanka and Cambodia.
Mango, which counts more than 2,400 stores in 107 countries, has allocated 140 million euros ($183.4 million) for new stores in 2012, as well as investments in refurbishments and logistics and IT systems.
In 2012, the firm plans to enter Myanmar and Pakistan and said it remains committed to developing its business in China and Russia. There are 80 new stores on tap for China and 30 planned for Russia. Mango is hoping to triple its sales in China and double the number of stores it has in Russia by 2013.
Europe continues to be a major focus with stores set to bow in France, Germany, the U.K., Italy and Poland. There’s also activity in South America and the Middle East, where units will open in Qatar, Kuwait, Saudi Arabia and Iran.
The Barcelona-based retailer’s international expansion has been aided by franchisees, which carry the financial burden of operating stores.