Mango has announced soaring profits and sales for the 2023 financial year, with sales surpassing €3bn (£2.64bn) for the first time.

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Mango womenswear is the “driving force” behind the brand’s 22% EBITDA uptick in 2023

Mango posted a 15% increase in turnover to €3.1bn (£2.64bn) in 2023, driven by international sales which accounted for 77% of its total turnover.

Spain, France, Germany, Turkey and the US were the fashion retailer’s top five sales regions.

Net profit for the full year doubled, rising from €81m (£69.1m) to €172m (£146.8m) by the end of the year, while EBITDA was up 22% to exceed €533m (£454.9m).

Mango noted the “strong momentum” of its stores during the year, with more than 130 new openings bringing its store estate total to nearly 2,700 stores across 115 markets worldwide.

Menswear and childrenswear both performed well, while womenswear continues to be “the driving force” behind the brand’s sales.

New 4E Plan

Mango also announced its new strategic plan today, outlining its strategic priorities until 2026, to “elevate, expand, earn and empower”.

Mango forecasts sales of more than €4bn (£3.4bn) by 2026 and said it plans to “strengthen its differentiated value proposition” and open 500 new stores in a bid to achieve this.

Chief executive Toni Ruiz said: “The excellent results achieved in 2023, which are the best in the company’s history, are the result of the enormous effort, commitment and dedication of the people who work at Mango.

”Our enthusiasm and passion will be fundamental to achieving the new objectives that we set for ourselves today in the 4E Plan.”

Mango also confirmed it has bolstered its board of directors, increasing the number of directors from four to nine.