Mango expands in Canada, planning six new stores in Toronto by 2023
The Spanish company is continuing to expand in North America. After kicking off its ambitious retail expansion plan in the United States, Mango announced on Wednesday, July 6, that it will open at least 20 stores in Canada over the next 10 years.
Through a partnership with Fox Group, Mango will begin expanding in the Canadian market by opening six new stores in Toronto between now and 2023. This will not be the company's first venture in the country, however, where it is already present online as well as in almost 50 points-of-sale in Hudson Bay, the region's leading department store group.
This strategic move is part of the company's expansion plan in North America, which began with the opening of its new flagship store at 711 Fifth Avenue in New York last May. This will be followed by store openings in cities such as Miami, Phoenix, Houston and Los Angeles. By 2024, the group expects to have opened around 40 stores in the country, thus fulfilling its American dream. According to information provided by the company, it will invest 100 million euros in order to expand in the country.
The group, founded in 1942 under the name Tricot Fox Ltd, specializes in retail management consulting for international brands and has more than 1,000 points of sale worldwide with brands such as Fox, Nike, Quiksilver and American Eagle. Since 2014, Mango has been one of the group's retail partners in its home country, Israel, where it has since opened 47 stores with the Spanish firm.
Mango, founded in 1984 by Isak Andic, has a retail network of 2,447 points-of-sale in 110 markets worldwide. In its last fiscal year, the Barcelona-based firm increased its turnover by 21.3% to €2.3 billion.
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