Mango competes with brands such as H&M and Zara. India is one of its key international growth markets and is the leading country in Asia in terms of number of stores, Lopez said in an interview.

“In APAC (Asia-Pacific), India is the largest country by far. There are other very promising markets for us in APAC; we are super strong in markets like Thailand, Malaysia, Singapore, Indonesia. India is a unique market, the way that society has changed so quickly, the way customers are embracing western wear, the change in retail opportunities as well as infrastructure, etc. This makes India one of the most attractive markets for years to come for a brand that has the vision to be present in major markets around the world,” he added.

In December, Reuters reported that Mango plans to open 500 new stores by 2026 in markets such as the US, Canada, France, Italy and the UK.

Lopez said the brand will continue to grow at a pace similar to the last few years.

“For us this is just the start of the journey. We have only 5-6 Mango Man stores and a handful of kids’ stores. We are very bullish about the Indian market because it’s a market that is doing well socially and economically,” he said, adding that the company has “zero” plans of slowing down. The company sells menswear under the Mango Man retail format.

Foreign western wear brands have come to dominate India’s retail landscape of late. For instance, last fiscal, fashion brand Zara, operated by Tata’s Trent Ltd, reported revenues of 2,554 crore in India. Swedish retailer H&M saw a 40% jump in FY23 sales in India to 2,960 crore. Meanwhile, Vedant Fashions Ltd., which sells ethnic wear under brands such as Mohey, Twamev and Manyavar, reported revenues of 1,325.96 crore in fiscal 2023, according to the company’s annual report.

Pakhi Saxena, head of retail and consumer products at Wazir Advisors, said western brands are catering to young, aspirational consumers who want to experiment more with their wardrobes and buy into more brands. This has also given rise to home-grown western wear brands and formats, she added.

Mango is expected to add another 10 stores in India this year, taking its store count in the country to 120. Online retailer Myntra, which holds the master franchise rights for Mango’s online and offline business in India, said the brand reported a 50% jump in online sales on the platform in 2023. However, Lopez added that store expansion will be an outcome of finding quality real estate.

“Today we have no visibility on the availability of real estate. Real estate is a market where you can plan for the next six to 12 months. Last year, we started opening our flagship stores. Today, they are in Bangalore, Mumbai, Ludhiana—which are high street locations where we have all the lines,” he added.

In India its top-selling categories include dresses, t-shirts, tops, jeans, and handbags.

Founded in Barcelona in 1984, Mango closed 2022 with a turnover of €2.688 billion, with 36% of its business originating from its online channel and with a presence in over 115 markets.

The company has been present in India since 2001—it had then partnered Major Brands; in 2011, it also partnered DLF Brands to expand and open new stores in India.

In 2014, the company partnered with Flipkart-backed Myntra for its online business in India. And in 2017, Myntra’s wholesale business-to-business entity was awarded the master franchise rights to open offline stores as well as expand the brand’s online presence in India. Mango sells online in India exclusively via Myntra.

This made India among the brand’s first markets to roll out its “omni-channel” strategy. The company also started selling men’s clothing along with a range of kids wear around that time.

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Published: 30 Jan 2024, 06:10 AM IST


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