• Home
  • News
  • Retail
  • Mango plans six new Toronto stores by end of 2023 amid Canada expansion

Mango plans six new Toronto stores by end of 2023 amid Canada expansion

By Huw Hughes

Jul 6, 2022

Retail

Image: Mango

Mango plans to expand its presence in Canada with the opening of six new stores in Toronto by the end of next year.

That’s part of a broader deal the Spanish fashion retailer has struck with Fox Group to open at least twenty new stores in Canada over the next 10 years as a condition for extending the agreement.

Fox Group, which is listed on the Tel-Aviv Stock Exchange, is Mango’s partner in Israel, where it manages 47 of the group’s stores.

Mango already has close to fifty points of sale at Canadian department store chain Hudson Bay.

North America expansion

The retailer said the new store openings in Canada are part of its wider commitment to expanding its presence in North America, which includes its previously announced plan to open more than 30 new stores in the US in the next three years, bringing its total in the country to approximately 40 by 2024.

In May of last year, Mango opened a flagship store at 711 Fifth Avenue in New York.

Mango has set out three phases for its ongoing US expansion, beginning with New York City, then progressing to Florida, before focusing on the West, with new openings in Georgia, Arizona, Texas, Nevada, and California.

The company has been expanding rapidly in recent years. Just last month, it announced plans to open 70 new stores in France by 2025.

Also last month, it said it plans to open 40 new stores for Mango Kids worldwide by the end of the year, bringing its total to 450.

Mango ended its fiscal 2021 year with a net profit of 67 million euros, three times higher than the 21 million euros it reported in 2019.

Meanwhile, its turnover increased 21.3 percent to 2.234 billion euros, almost matching its record 2019 turnover.

MANGO