Mango closed the 2020 financial year with a turnover of €1.842 billion. EBITDA, after applying the IFRS-16 reporting standard, stood at €193 million. 2020 has been the first financial year in which Mango has had to apply said reporting standard.
Turnover in the brand’s physical stores fell by 43% as a result of closures, limited opening hours and/or customer numbers during 2020, most of which have been attributed to the impact of the pandemic. The company’s financial state is said to be healthy, with a net bank debt fall of 20% to €156 million.
The company is accelerating its digital transformation by investing €27 million in priority projects related to digital transformation and a Customer Centric strategy.
In the autumn of 2020, Mango celebrated the 20th anniversary of the launch of its e-commerce with approximately 750 million visits, 25% more than the previous year.
Mango aims to post an online turnover of €1 billion in 2021. To achieve this, it has several new projects in the pipeline, including hyper-personalisation of the browsing and shopping experience on all devices, the use of new technologies based on artificial intelligence to improve the after-sales service and the inclusion of franchises in omni-channel retailing initiatives.
Toni Ruiz, Mango’s CEO, said: “We have experienced an absolutely exceptional and unpredictable year for everybody. Thanks to the major commitment Mango has made to its online channel over the last 20 years, we have succeeded in it representing 42% of our total turnover in 2020, which is an extraordinary figure in our sector and a huge competitive advantage for our company”.
Furthermore, the company said it is advancing in sustainability by signing the UN Fashion Industry Charter, the growth of the Committed collection and by replacing 160 million plastic bags with paper bags of sustainable origin. As part of its commitment to transparency, it is publishing the list of the main factories in its supply chain.
According to the company, in 2021 it will focus on several strategic projects, including new marketplace capacities for mango.com and the construction of the new Mango Campus.
