Mango, the Spanish fashion retailer, reported record sales of €2.68bn last year, a 13 per cent increase from pre-pandemic levels, as shoppers continued to spend on clothing despite inflation and the company expanded its presence in India and the US. Revenue grew 20 per cent from the previous year, with in-store and online sales benefiting from a post-pandemic appetite for fashion, despite tough competition in the sector. Net profit rose 21 per cent to €81m.

Company credited the return to normality last year and the end of Covid-19 restrictions for the company's success, as well as the opening of nine new stores in the US and its increasing presence in India, which is its leading market in Asia. In 2023, the company plans to open 35 new stores in India and expand its presence in the US to 40 stores.

Mango has 2,566 outlets worldwide and expects to open more stores this year, but only a third will be company-owned. Last year, Mango began transferring its 55 shops in Russia, which is under Western sanctions over the invasion of Ukraine, to local partners. Although 30 shops permanently closed, Mango still operates in 90 stores in Russia under franchise agreements.