The Mango business has managed to stay clear of the investigation into the death of its founder, Isak Andic, in December 2024. The shock caused by the sudden death of the entrepreneur and the subsequent police investigation have not taken a toll on the company’s business. Sales have grown by 13% and are close to 3.8 billion euros, while profit has increased by 11% and now stands at 242 million euros.
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“2025 has been very demanding, the first without our founder, but we have managed to make it a successful year,” said Toni Ruiz, president and CEO of Mango, during the results presentation this March at the Palau-solità i Plegamans headquarters.
Changes in the shareholding and corporate structure
Since the death of Isak Andic, changes have followed at a dizzying pace in the group, both in shareholding and corporate governance. The founder’s three children, Jonathan, Sarah, and Judith Andic, have equally divided 95% of Mango, while the board of directors appointed Ruiz as president, who owns 5% of the shares, while also bringing in new independent directors from the fashion world. These have not been the only changes. The company has transformed into a public limited company and has relocated its registered office to Palau, without this implying an interest in going public.
All this while developing their strategic plan and continuing to open stores. In total, Mango has added 260 new establishments and renovated another 86, bringing its commercial network to 2,931 points of sale. It thus consolidates itself as one of the major groups in the fashion world with the most stores currently.
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For 2026, Ruiz expressed confidence in reaching the target of 4 billion in turnover set in their plan, despite the uncertainties in the economy brought by the war in the Middle East. “We have a flexible and diversified supply chain” to face the geopolitical situation, Ruiz insisted. The company has 126 stores in the Middle East, all franchised, and so far has had to close 50 in Israel due to government directives.
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They also face the constant ups and downs in the commercial policy of the United States. Mango already has 60 points of sale in the country and has increased sales there by 50% in the last two years, placing it among the top five countries by turnover for the company. “Our bet in the United States is long-term,” said Daniel López, Director of Expansion and Franchises.
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The company’s financial situation allows it to face this growth phase in a “healthy and profitable” way. The gross margin is at 60.8% and cash remains strong, with an operating profit (EBITDA) of 722 million (+13%) and a debt ratio of barely 0.23% at the end of 2025.
With these figures and cash position, they have invested a record 225 million euros in the last fiscal year to expand their business. “Mango is going through the strongest moment in its history,” concluded Ruiz. The executive and minority shareholder has thus passed his particular trial by fire. Taking on the presidency at a moment of shock due to the sudden death of the founder and taking the business to the next level was not an easy task.
In a recent discussion at the Círculo Ecuestre, Toni Ruiz highlighted the “orderly and calm” transition in Mango’s ownership and structure since the founder passed away. Isak Andic had started the succession process months earlier, although his death caught everyone by surprise. The good performance of the business meant that Isak Andic’s three children recently shared 204 million euros in dividends.
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