Mango’s sales increased by % and turned into a profit
The Spanish fashion ready-to-wear brand Mango Group ended 2021 with a net income of 67 million, three times that before the new crown epidemic, and a turnover of 2.234 billion euros. According to data released by the company on March 10, 2022, the group has got rid of the losses in 2020 caused by the epidemic in 2021, growing by 21.3% over the same period.
Mango’s performance growth is mainly due to the fact that the online mall accounted for 42% of the total turnover. However, 2 years ago, in 2019, the online mall accounted for the total turnover. The proportion is less than 20%, so the company believes that although it has not reached the 1 billion goal, its development speed is very amazing.
Due to the conflict between Russia and Ukraine, the Mango Group announced last week that it would close all its physical stores in Russia. However, this will have a huge impact on sales because Russia is One of Mango Group’s top five major markets, its turnover accounts for 8% of the total turnover; however, Ukraine’s market share is not as high as Russia’s, so the impact is relatively small.
In addition, there is still another unstable factor, which is inflation. Mango guarantees that they have not increased commodity prices at this stage and will do everything possible not to increase them. price.
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