Mango has filed its UK accounts for 2024 and with the caveat that UK-specific accounts for an international giant don’t necessarily paint the whole picture, it’s still interesting to see how it’s done. It has also signed up for a new flagship at key Basingstoke mall Festival Place.
And it’s perhaps no surprise that the company (MNG-Mango UK Limited to give it its full name) saw its British revenue jumping last year, although it said current economic conditions create uncertainty over the level of demand within the retail sector.
Turnover rose to £128 million from £120.8 million, although the gross margin dropped to 46.29% from 47.1% at the retailer that’s opened a number of new stores in Britain and continues to do so. In 2022, its turnover had been £104.4 million and for 2024, it said the turnover rise was principally down to higher store sales.
Gross profit was £59.25 million, up from £56.9 million, but operating profit dropped to £3.98 million from £5.17 million. Pre-tax profit fell to £4.1 million from £5.4 million and net profit was £2.7 million, down from £3.9 million.
As mentioned it’s sometimes hard to isolate a single-company performance for a multinational business. But it’s clear from this report that the firm’s new stores are driving sales higher but new stores require big investment and during a challenging period for the fashion sector, margins are under pressure.
The latest store opening news from the firm is that it will open a flagship store at Festival Place Basingstoke, one of the UK’s largest shopping centres.
Measuring 7,104 sq ft, the new store will include both the women’s and men’s collections when it debuts later this year and will, of course, be designed in the New Med concept.
Festival Place is a strong mall in Basingstoke with over 180 retailers, 1.2 million sq ft of space and “19 million+ loyal customers”.
Mango is opening 500 stores globally up until 2026, including 20 in the UK in 2025. At the end of 2024, it had over 80 stores in the UK, as well as Mango.com and an online presence in other marketplaces.
It’s the first major signing at Festival Place following the MDSR Investment’s acquisition of the centre in April for £99.1 million.
And we’re told “discussions are under way to introduce other fashion names to the centre as part of a series of asset management initiatives undertaken by property and asset manager Estama alongside joint leasing agents Lunson Mitchenall and GCW to bolster the centre’s performance, boost leasing activity and better align the tenant mix to the demographic”.
