Spain's Mango to open 500 new stores globally by 2026, sales jump

Credit: REUTERS/MAY JAMES

MADRID, Dec 20 (Reuters) - Spanish fashion company Mango plans to open 500 new stores by 2026 in key markets such as the United States, Canada, France, Italy, the United Kingdom, India and at home, the unlisted retailer said on Wednesday, forecasting record sales this year.

The local rival to Zara owner Inditex said sales would end this year at least 12% higher than in 2022 at more than 3 billion euros, helped by the brand entering the U.S. states of Texas, Georgia and California for the first time.

The expansion, part of a three-year strategic plan to be presented in March, follows its return to the United States after two failed attempts, where it plans to double the number of stores to 40 by next year.

Mango has opened 130 new stores in 2023 and revamped another 80, reaching around 2,700 outlets in a total of 115 markets.

The family-owned retailer also said it would add four independent members to its board of directors, including Marc Puig, chairman of Spanish cosmetics group Puig, owner of brands such as Carolina Herrera, Paco Rabane and Charlotte Tilbury.

Puig, whose company is considering an initial public offering, is not taking a stake in Mango, which was founded in Barcelona 40 years ago by Isak Andic, who currently its non-executive chairman.

Mango will expand its board to nine members from March to strengthen its corporate governance, it said in a statement.

Other new board members include IESE Business School professor Jordi Canals, AZ Capital partner Jorge Lucaya, and Jordi Constans, director of various national and international companies.

Mango said its Chief Executive Toni Ruiz had become a shareholder after buying a 5% stake in the company.

(Reporting by Corina Pons, edititng by Andrei Khalip;' Editing by Kirsten Donovan)

((corina.pons@thomsonreuters.com; 0034 690725854; Reuters Messaging: corina.pons.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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