Mango not concerned over Brexit impact

Spanish fashion company Mango said it is anxiously waiting to see the effects of Brexit for its business, but it believes these will not negatively impact the company’s global sales.

Speaking with Spain’s news agency Europa Press, Mango said it is eagerly waiting to know the outcome of upcoming trade agreement negotiations.

The UK currently accounts for 3.5% of Mango’s turnover, which is why the company expects the current events to have only a slight impact on its global results.

Mango has 54 stores in the UK, including a megastore on London’s Victoria Street launched in October last year.

It entered the UK market in 1999, where it has opened stores in key cities such as London, Manchester and Birmingham.

Mango ended 2015 with a turnover of 2.32 billion euros, up 15% on the previous year. This was above the company’s initial expectations, set at 13%.

81% of the brand’s sales come from international markets, while Spain accounts for 19%. Mango’s domestic market has grown over 20% in sales in the past year. The company attributed the growth to the success of its new larger store format.