Coming off a 10.9 percent sales increase in 2010, Mango is planning to add another 550 stores to its global portfolio this year, including entries in six new markets that will give it a presence in 109 countries.
Through its own network and those of franchisees, the Barcelona-based retail and wholesale firm added 380 stores last year, lifting its total to more than 2,000. Included in the total store count are 113 units under its H.E. by Mango men’s wear banner, 39 of which are in Spain. Among the 550 stores to be added this year are 20 men’s stores. The company said that it eventually expects to have 500 H.E. by Mango stores.
In 2010, Mango’s revenues grew to 1.27 billion euros, or $1.68 billion, from 1.15 billion euros, or $1.6 billion, in 2009. These figures, converted from the euro at average exchange for their respective periods, represent both wholesale revenues and sales of company-owned stores, excluding value-added taxes.
The company said that sales in Mango stores, including those operated by third parties, grew 7.1 percent to 1.59 billion euros, or $2.1 billion, from 1.48 billion euros, or $2.06 billion, in 2009. Online sales expanded 79.5 percent to 21 million euros, or $27.9 million, from 11.7 million euros, or $16.3 million. Mango expects to double its sales on the Internet this year, both through its own Web site at mango.com and “by opening online corners on the best Web sites throughout Europe and Asia.”
The company said sales in Spain represented about 19 percent of 2010 revenues versus 81 percent for the rest of the globe.
New markets for Mango stores in 2011 will include Guadeloupe, Bermuda, Monaco, Cambodia, Angola, Ghana and Yemen. Expansion of the men’s wear division will be focused on several European markets, the Middle East and Southeast Asia.
The company expects this year to invest 135 million euros, or $195.1 million at current exchange, principally in new stores, store renovations and logistics and IT systems.
MNG by Mango shops were opened in 77 J.C. Penney stores last summer. The concept has since been expanded to more than 300 doors and is slated to be in 500 by fall.