View | Mango for sale?

The Spanish brand Mango opened for the first time the doors of a sales scenario, after presenting losses for the first time in its history, reporting a negative net profit of more than 60 million. in the last financial year.

According to the Spanish El Confidencial, the results surprised creditors and put pressure on the company of millionaire Isaak Andic, one of the richest men in Catalonia. The publication also writes that Andic sits with major creditors – the banks Sabadell, CaixaBank and Santander – to try to renegotiate debt terms and reduce interest rates, in an agreement that will include the first time a "change of control". This has been interpreted as an attempt by Andic to find a buyer for the brand, whose sales have declined significantly over the past year.

In Portugal, Mango currently has 55 stores, and last year, the Chiado megastore opened in February and November a flagship store with approximately 1,000 square meters at Restauradores, also in Lisbon. At the time, officials stressed the importance of investing 2.6 million euros in Portugal, a market that accounts for 2% of the Catalan brand's brand turnover. . Lisbon received this mega store after New York and Madrid. Endowed with advanced technology, its main objective was to boost physical sales, at a time when online sales grew at double digits

However, efforts do not seem to be enough to convince creditors. At the end of this year, the first tranche of debt rising to 170 million euros is due, and the balance must be paid between 2019 and 2020. The company is seeking to extend this payment period by taking into account the operating results of the current year. Although it is still early to guess a result – El Confidencial says the negotiations are in the initial phase – the truth is that this information can put additional pressure on the company, although the sources of the market ensure that business results increase. more than 45 million euros during the first half of this year, and compared to the same period of the previous year. These figures, however, have not been confirmed as the official accounts will be submitted in the coming weeks.

It is recalled that Mango was established in 1984, ten years after the emergence of its main competitor, Zara.