// Mango reports a turnover of £1.8 billion in 2021, with online sales accounting for 42%
// In 2021, Mango investment rose to £37 million representing an increase of 63.6% compared to the previous year
Mango profits rose to their highest level in almost a decade as its turnover neared its record 2019 levels.
The fashion retailer reported sales growth of 21.3% to £1.8 billion, with online accounting for 42% of turnover. Profits rose to £56 million, treble the £17.6 million it recorded in 2019.
The retailer increased its investment by 64% to £37 million, with the majority of spent on accelerating its digital transformation and refurbishing the store network.
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Mango CEO Toni Ruiz said: “The 2021 results demonstrate the positive evolution of the company in recent years and is the result of the hard work of the entire team.
“Today, Mango is in an optimal position to face the future by promoting our brand and our product, remaining at the service of our customers and continuing our journey towards sustainability and operational excellence.”
“The year 2021 was also full of challenges and uncertainty, but we used the strength of the Mango brand to reinforce our position in the market, and at the same time increase our profitability, as we had promised.”
The retailer said demand for childrenswear remained strong, growing 60% over 2019, with menswear, homewear and childrenswear accounting for 18% of turnover.
However, womenswear remains the company’s biggest category with a share of 82%.
Last year, Mango expanded its online activity to new markets including Thailand, bringing the total number of online markets to 85.
Mango is currently analysing the impact the crisis in Ukraine and Russia will have on its business during 2022. Much like many other businesses, the retailer has temporarily suspended its operations in Russia, while guaranteeing its employees maximum coverage.
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