Further developing its international expansion, Spanish fashion brand Mango opens in Iraq. With this opening, the international retailer is now present in every country in the region, which it first entered in 1997 with the opening of its first store in Kuwait. The new premises have a total surface area of 400m2 and is located at Erbil’s shopping centre, Majidi Mall.
In recent years, Mango has significantly increased its presence in the Arabic market. The company now has 37 stores in Saudi Arabia, 15 in the United Arab Emirates and 7 in Kuwait. The firm is also planning to open new stores in these countries and to open its first store in Yemen.
Isak Halfon, Head of Expansion of Mango says that MANGO’s arrival in Iraq represents a challenge for the company, since this is a virgin market. However, we are confident that this opening will be a success like the other countries in this region. MANGO has been well received in the Middle East, and turnover for the Arabic market accounts for 9% of total company turnover.
Mango now has 1,360 stores in 95 countries. Throughout 2009, the chain plans to increase its number of stores by 150. Its new store locations include Belgrade, Dubai, Johannesburg, Manila, Moscow, New Delhi, New York, Paris, Beijing and Tokyo.
Forecast investment for 2010 is 100 million Euros, which will be allocated to new store openings, store refurbishments, logistics systems and IT systems. Forecast turnover for the Mango chain in 2010 is €1.512 billion, while a turnover of €1.155 billion is expected for the consolidated Group, an increase of 5% on 2008.