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Barcelona-based fashion giant Mango has set its sights on substantial expansion, announcing plans to open approximately 500 new stores by 2026. The renowned brand, celebrating its 40th anniversary next year, is determined to close fiscal 2023 with sales exceeding 3 billion euros, building upon the 2.68 billion euros in revenue generated last year.

Mango's new strategic plan for 2024-2026, scheduled to be presented in March, revolves around strengthening its unique value proposition, a commitment to innovation and sustainability, and robust sales growth through an extensive store network expansion and channel development.

According to a statement released by Mango, the ambitious expansion plan will focus on key markets, including the United States, Spain, France, Italy, the United Kingdom, India, and Canada. The company aims to capitalize on the momentum gained through its spirited, colorful collections and moderate pricing targeting urban-oriented individuals aged 20 to 40.

In 2023 alone, Mango expanded its online sales to an additional 20 countries, while achieving more than 130 net store openings and refurbishing 80 stores. Currently boasting around 2,700 stores in over 115 markets globally, Mango has strategically launched stores in Texas, Georgia, and California this year, with plans to reach 40 stores in the U.S. by the end of 2024.

CEO Toni Ruiz, who has been granted a 5 percent stake in the company, will play a pivotal role in Mango's growth strategy. Founder and non-executive chairman Isak Andic expressed confidence in Ruiz's leadership, stating that his vision will contribute to the company's continuity, solidity, and growth in the future.

Mango's expansion also extends to its board of directors, set to expand from four to nine members in March. This transformation includes the addition of independent directors and key industry figures, such as Margarita Salvans (CFO), Jordi Canals, Jorge Lucaya, Jordi Constans, and Marc Puig.

Andic highlighted the significance of this moment for Mango, emphasizing that the new board members' recognition and experience will drive the company's strategy and business while strengthening institutionalization.

Ruiz echoed this sentiment, stating, "We will continue to drive this project in the future, with solidity, stability, and ambition, in order to leave a bigger and better company for the coming generations." The upcoming 2024-2026 strategic plan aims to further propel Mango's differentiated value proposition, international expansion, and online channel sales, among other objectives.