During his first visit to India, Ruiz, CEO, Mango, and Nandita Sinha, CEO of Myntra, sit down for an exclusive conversation with Forbes India about Mango's growth plan, partnership with Myntra, the global fashion industry and more
Nandita Sinha, CEO, Myntra (L) with Toni Ruiz, CEO, Mango. Image: Hemant Mishra for Forbes India
“We sell fashion, not garments,” says Toni Ruiz, CEO of leading European fashion brand Mango. The company celebrates its 40th anniversary in 2024 at a time of strong business growth, which has led Mango to present its new Strategic Plan, 4E, until 2026.
The origins of the premium fashion label date back to the 60s when Isak Andic arrived in Barcelona from Istanbul. He started buying flowered, hand-embroidered blouses from a sailor in the port and then sold them to stores in the Catalan capital. This created the seed of Mango.
Forty years later, the fashion group touched a turnover of €3 billion for the first time, with 2,700 stores in over 115 markets. “In a very competitive environment, Mango has managed to significantly increase its sales, achieving the best results in the company’s history,” he says. “The work carried out in recent years is bearing fruit: We are growing above the market, we are profitable and we are financially healthy.” Their next big objective is to touch sales in excess of €4 billion by 2026.
The fashion label entered the Indian market in 2014, via a strategic partnership with fashion ecommerce company Myntra. Building on the partnership, in 2017, Mango opened its first store in New Delhi through Myntra’s B2B entity. Currently, Mango India has 110 stores and growing. One key aspect that ties Mango and Myntra together is their joint “passion for fashion”. Mango brings in the fashion and Myntra, the tech and data, to create an omnichannel experience for customers.
Last week, Ruiz visited India for the first time to discuss plans for the Indian market for the next 10 years. The Mango CEO along with Nandita Sinha, CEO of Myntra, sat down for an exclusive conversation with Forbes India about Mango’s growth plan, the global fashion industry and more. Edited excerpts: