The death of Mango’s president, Isak Andic, opens several questions about the future of the company, although the fashion chain’s strategy is assured. At the helm of Mango is Toni Ruiz, appointed general director in 2018 and CEO just two years later.
Andic controlled his businesses through a holding company, Punta Na, which also included his three children: Jonathan Andic (1981), Judith Andic (1984) and Sarah Andic (1997). Of the three, Jonathan, 43, is the one who has been most involved in the company and, in fact, was destined to take over. For a time he served as executive vice president, but in 2020, after an internal crisis, the founder and president of the group decided to completely professionalize management.
He thus granted all executive power to Toni Ruiz, who assumed maximum responsibility within the company and entered the capital.. Isak Andic remained president of the Board of Directors, which also includes Daniel López, director of Expansion and Franchises, and Jonathan Andic, who became director of Man (men’s fashion line), Image and Communication.
The desire of Toni Ruiz, also a Mango shareholder, is to maintain the same strategy than until now, but the question that arises is whether he will be able to carry it out as he no longer had a sufficient majority shareholding, once Isak Andic, the person who appointed him, died. Its main endorsement is the results. In 2023, Mango achieved a record turnover of 3,104 million euros, 15% more than in 2022, and doubled its net result to 172.1 million. These numbers support the best moment in the history of the firm and motivate their billing projections for 2026, the year in which they expect to exceed 4,000 million euros.
A different strategy
Contrary to what other fashion giants are doing, Mango is still betting on the physical channel, being the company that opens the most stores per year. While groups such as Inditex, H&M, Gap or Uniqlo close small establishments to open larger ones, the Catalan chain continues to open new stores year after year. The 2024-2026 Strategic Plan thus plans to open more than 500 stores, adding one million commercial square meters, exceeding 4,000 million in turnover and doubling its profit, with an investment of 600 million euros. The company currently has 2,743 stores in more than 115 markets.
In 2024, Mango had specifically planned thirty openings in Spain alone and fifteen renovations, as recently confirmed by the CEO. In a meeting with the media in November, Toni Ruiz highlighted that “a large part of the openings correspond to the expansion of the youth line of the company Mango Teen”, with which it also aims to reach out to the youngest and stand up to the growth of online brands, such as Shein, in addition to the Inditex chains Pull & BEar and Bershka
The four axes
The strategic plan is based, in any case, on four pillars: another pillars: Elevate, Expand, Earn and Empower. The first seeks to enhance the value proposition by reinforcing its own style and its commitment to quality in the brand’s five lines (Woman, Man, Kids, Teen and Home), with high-level collaborations with designers such as Victoria Beckham or with the Italian tailoring Boglioli, as well as its own premium collections such as Capsule and Selection . Through this approach, Mango raises the value of the brand through aspirationality, quality and its own style designed in Barcelona. Expand represents the objectives of international expansion, with the opening of new points of sale until 2026 to exceed 3,000 establishments worldwide. Among its main markets, the United States stands out, where Mango has reached 40 its own stores by 2024, consolidating its growth in the market and betting strongly on the development of physical stores.
To guarantee the creation of value, the pillar Earn focuses on technological development and sustainability as a transversal axis. Mango was one of the first companies in Europe to have a website (launched in 1996) and opened its online store in 2000, which currently represents 33% of total sales. Since 2018, Mango has developed fifteen artificial intelligence and machine learning platforms, that act as an engine of innovation in the online channel.
Empower underlines the importance of human capital in growth. Mango employs more than 15,500 people around the world and plans to create 5,000 new jobs between 2024 and 2026, of which 1,000 will be in Spain, reinforcing its impact on the economy.
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