Mar 18, 2016
Mango launches cut-price collection to reach younger consumers
Mar 18, 2016
Spanish company Mango announced it will drop the prices of its casual line to make it more accessible for young consumers. The collection aims to offer a selection of quality and trend-driven products at affordable prices, according to a statement released by the retailer.
The range will be called #NewPrice and is set to be released this March in all Mango stores worldwide, as well as on its e-commerce platform.
Additionally, the brand has released a lookbook to promote the line, which is inspired by one of the most important music fest of the year, Coachella.
In December, Mango said it would stop printing its catalogues as of February 2015, coinciding with the launch of its Spring Summer collection. The move was part of a new business strategy developed by the Spanish brand to leverage its digital presence to full potential.
Under the new strategy, the company has taken a ‘fast-fashion’ approach and launches new items in its stores every 15 days. Additionally a new advertising campaign is released each month featuring high-profile models, such as Cara Delevingne and Karlie Kloss.
This approach aims to share the brand’s updates through its online channel, which already accounts for 10% of the brand’s revenue.
Mango hopes to end 2016 with revenue of 2.25 billion euros, representing a 12% rise on 2.01 million euros it had had last year, said the company to Europa Press.
This would be a 9% growth on 2014, driven by the growth recovery of its main markets, including Spain, where sales increased 15%, France (20%) and Italy (30%).
Mango, which opened its first store in Barcelona in 1984, has more than 2,700 stores across 108 countries.
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