MANGO's revenue neared 3 billion last year, from closing down to a single store to returning to the China market

Why did AI · MANGO quickly return to the Chinese market after shrinking?

Spanish fashion brand MANGO recently released its fiscal year 2025 financial report, showing a 13% year-over-year increase in revenue to €3.8 billion (about RMB 30 billion), a 16% growth at fixed exchange rates, and an 11% increase in net profit to €242 million (about RMB 1.9 billion), with multiple indicators reaching new highs. At the end of last year, MANGO’s first flagship store in China opened in Shenzhen Coastal City, marking the brand’s return to the mainland offline market after two years.

MANGO Shenzhen Coastal City new store.

The financial report shows that, at the category level, women’s clothing remains the core driver, contributing 79% of revenue, while men’s, children’s, and home lines together account for 21%. In terms of channels, online sales account for about one-third of total revenue, with international markets making up 78%, becoming the main source of growth. Financially, Mango’s gross profit margin remains stable at 60.8%, and debt/EBITDA is only 0.23. Low debt and high profitability support global expansion. Industry experts believe that, amid increasing competition in fast fashion, MANGO is expected to maintain its goal of €4 billion in revenue by 2026 through solid financials and channel layout.

Founded in 1984 and headquartered in Barcelona, Spain, MANGO took its first step toward internationalization in 1992 by opening stores in Portugal and France. As early as 2002, the brand entered China, several years before GAP, H&M, and ZARA, and nearly coinciding with Uniqlo’s entry. At its peak in 2013, MANGO had 200 stores across mainland China, but within a year, its store count began to shrink significantly, and by 2023, only one offline store remained in Yantai, Shandong.

The financial report reveals that the brand invested nearly €225 million in FY2025 for business development, including expanding and renovating its global store network, strengthening technological capabilities, and advancing the Barcelona headquarters campus. During this period, over 260 new stores opened worldwide, bringing the total to 2,931 stores across more than 120 markets. The new flagship store in Shenzhen will focus on scene-based experiences and social check-ins, targeting Generation Z consumers. In 2024, the brand also opened a flagship in Central, Hong Kong. Returning at this time allows it to ride the wave of fast fashion’s upward trend, but also enters a more competitive new phase.

Meanwhile, as the brand returns, its founding family is embroiled in legal and public opinion storms. According to Southern Metropolis Daily, MANGO founder Isak Andic tragically died after falling from a cliff in December 2024 at age 71. Recently, the Fifth Pre-trial Court of Mataró, Spain, officially named his son, current Vice President Jonathan Andic, as a suspect in the murder case; he was previously only a witness to the fall. (Previous report: Reversal in the case of MANGO founder’s death: his son is suspected of murder)

Another Spanish fast fashion giant, ZARA’s parent company Inditex, also announced its FY2025 results ending January 31, 2026, with annual sales reaching €39.864 billion (about RMB 3.15 trillion), up 3.2% year-over-year, a 7% increase at fixed exchange rates, marking the fourth consecutive year of growth. Net profit hit a record €6.22 billion (about RMB 49.2 billion), up 6%. Gross profit for the year was €23.222 billion, up 3.9%, with a gross margin of 58.3%. Operating expenses increased by 2.8%, below sales growth, demonstrating strong cost control.

Additionally, American fast fashion brand Abercrombie & Fitch reported FY2025 results ending January 31, with net sales up 6% to $5.27 billion, surpassing $5 billion for the first time, and achieving double-digit operating profit margins for the third consecutive year, with net profit of $507 million. Hollister’s net sales grew 15% to $2.74 billion. The company stated that performance growth was driven by continued investments in marketing, store upgrades, talent, and digital capabilities. For Q1 FY2026, the group expects net sales between $1.108 billion and $1.13 billion.

In 2025, the global fast fashion industry’s concentration is increasing, with stronger players getting stronger. However, facing global economic uncertainties, tariffs, and rising costs, the industry is undergoing a collective shift from “scale expansion” to “smaller but more refined” strategies, similar to luxury brands. Meanwhile, the EU’s ESPR regulations (Eco-Design for Sustainable Products) are being enforced, requiring clothing companies to increase the use of eco-friendly materials to over 30%. “Sustainability” will shift from a marketing concept to a core strategic focus. Fast fashion may also enter a new phase characterized by “high quality, low frequency” competition.

Southern Metropolis N Video Reporter Wang Xin