Clothing retailer Mango saw double-digit growth in sales during the recent Black Friday and Cyber Monday shopping events, when the Spanish family-owned company marketed discounts of up to 50% off, one of its executives said.
"We had record sales in these days of operation, both online and in stores," Cesar de Vicente, Mango's global retail director, said in an interview.
Mango plans to double the number of stores in the U.S. by next year to 40, De Vicente said.
In the remaining holiday shopping season, Mango expects its sales will continue to similar levels of growth as during Cyber Week, the five days from Thanksgiving through Cyber Monday, he said.
In the U.S., the National Retail Federation, a retail trade group, said it expects to see retail sales growth of 3% to 4% for the full November-December holiday shopping period as shoppers continue to look for big promotions and bargains.
Mango, which offered similar discounts of up to 50% in its global stores and online as last year, has benefited from its expansion in the U.S., Italy and India, De Vicente said.
Mango believes that in-house design, a strong focus on party wear and more stores will allow it to compete with newer players like Shein, its retail director said. The company's online sales represents 36% of its total revenues.
Mango's sales hit 2.68 billion euros ($2.8 billion) last year, exceeding pre-pandemic levels by 13%. Mango posted 1.4 billion euros in the first half of this year, 30% more than in the same period in 2019.
(Reporting by Corina Pons; editing by Diane Craft)