Mango opens a 2,100-square-foot store on Fifth Avenue in New York

Mango This Wednesday it officially opened its store on Fifth Avenue. New York in the framework of the Copernican return of strategy Expansion of the Catalan multinational company in the USA. fashion brand It plans to invest more than 100 million Euros opening of more than thirty outlets on US soil over the next three years. The investment of the approximately 2,100 square meter Fifth Avenue store was approximately 12 million dollars.

The entrance to the Mango store on Fifth Avenue.

Multinational company hopes for this with quarantine Malls The USA is among the five most important markets in the world for the company, along with India, Spain, France and Italy. With its ‘flagship’ (flagship store) on Fifth Avenue, Mango stands shoulder to shoulder with the leaders of the inspirational or luxury product. South of Central Park, right next to Hublot, Louis Vuitton, Tiffany, Gucci, Armani and Dolce & Gabbana, opposite Bvlgari, Prada and a Presbyterian church. Formerly used by Ralph Lauren, now leased by Mango, the store becomes the bridgehead of a high-profile commercial conquest. There’s a Zara store a few blocks away.

Mango store on Fifth Avenue in New York.

As a secondary consequence of the past crisis, Isak Andic’s company did not want to miss the opportunity to rent the 2,100 square meter store in that privileged center.will have to support costly betting with a US expansion based on consistent commercial positioning. Mango will bring Mediterranean style and European elegance at competitive prices. The two-tone suit, popularized by the Queen, costs around 100 euros, twice as recently as in Spain, but adapted to the purchasing power of the target customer.

The American commitment to Fifth Avenue is strategic, according to Mango CEO Toni Ruiz, “a key point of distinction” in the expansion plan that should set Mango to new heights. The opening of stores is decisive in the success of this American expansion, as well as online sales, which will account for 70% of total revenue. With the opening of these stores, the annual turnover in the USA will exceed 100 million. A logistics facility in Pennsylvania, located two hours from New York, will serve all US stores and customers, but product will be shipped directly from Lliça de Vall to US customers if stocks run out. International multi-channel model.

The Mango store on Fifth Avenue in New York City with a Presbyterian church in the background.

The new store on New York street will become a physical, digital and virtual museum with works by Joan Miró, Antoni Tàpies and Miquel Barceló for 11 days. And experiences in the metaverse. A good cover letter that aims to combine modernity, fashion, culture and technological capabilities.

Mango has been available in the United States since 2006. The company cemented its commitment to the US market with a SoHo store renovation at the end of 2017 and a 2019 deal with Macy’s to accelerate online growth. It’s time to take a leap for the American dream and seek new levels of profitability, move away from Shein-style low-price competition, and place the Mango brand in the American consumer’s imagination, in the league of the most desirable. fashion apparel.. In 2021, Mango launched four outlets in the US, specifically in the Menlo Park and American Dream shopping malls, both in New Jersey, Roosevelt Field in New York and Dadeland in Miami, Florida. The entire management committee traveled this week to feel the essence of expansion in the US, the enormous challenge and the great potential of a market where Mango has options to adapt due to the lack of good arguments and equivalent options.

Founded in 1984 in Barcelona, the company closed 2021 with 2,234 million euros in revenue, 42% of the business came from the online channel and is present in more than 110 markets. With the financial structure prepared for it between 2022 and 2024, the company will continue its expansion plan in the USA, extend its debt maturity program until 2028, and double its financing capacity if necessary.

openings in the USA

In the first phase of the expansion plan in the USA, Mango sought to consolidate its brand in New YorkWith the opening of three new businesses, where it now has five outlets (including the store opened today). In phase two, Mango will focus on the state of Florida, where it plans to open four to five outlets in 2022 and 2023 in cities like Miami, Boca Raton, Orlando and Tampa.

In Miami, the company will open a new outlet in the South Beach neighborhood next July on Lincoln Road, one of the nation’s most important shopping streets and home to more than 200 stores and brands. In addition, Mango will open two more outlets at Aventura Mall and Miami International Mall between June and August. In the third phase, which will begin in 2023, the company will continue to expand westward. In California, especially in cities like San Diego, Los Angeles, San José, San Francisco or Sacramento. In the fourth and final phase of the plan, the group will enter the states of Arizona (in cities like Phoenix or Tucson), Texas (Houston or Dallas), and Georgia (Atlanta).

Source: Informacion


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