Spain clothes chain Mango expands to Sri Lanka
Spanish high-street clothing chain Mango has opened its first store
in Sri Lanka, expanding its worldwide presence to a total of 106
countries, it said yesterday.
"Mango is pursuing its international expansion and staying true to
its aim of being present in each of the main cities in the world with
the opening of its first store in Sri Lanka," it said in a statement.
The low-price fashion chain launched in the Barcelona area in 1984
and has expanded worldwide since its first stores outside Spain opened
in Portugal in 1992. It now has 2,400 stores in 106 countries.
Its stores outside Spain accounted for 81 percent of its turnover in
2010, according to its latest annual results. That year the Mango group
logged sales of 1.27 billion euros ($1.67 billion).
Mango is the second-biggest Spanish clothes exporter after Inditex,
the world's largest clothes retailer and owner of high-street competitor
Zara.
Inditex has more than 5.400 stores in 78 countries and has profited
recently, despite an economic downturn in Spain, thanks to its overseas
operations.
Inditex said it opened hundreds of new stores overseas last year and
reported turnover of 9.71 billion euros in the first nine months of its
current financial year. - AFP |