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Profits Jump 79% at Mango

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Profits at Spanish retailer Mango jumped 79% during 2012. Net income rose to $150.4 million, and turnover was up to $2.26 billion, up 20% from 2012. The company continued to diversify away from the volatile Spanish market, with roughly 84% of sales coming from foreign markets.

Mango also released its Corporate Social Responsibility report, which revealed that turn time on their goods averages three to four months, from order placement to delivery.

During 2012, the firm used 192 suppliers and 415 factories to make garments, and 72 suppliers with 100 factories in the production of accessories.

41.6% of product came from China, 12.4% from Turkey, 7.6% from Spain, and 5.8% a piece from Morocco and Bangladesh.

Factory violations were found in Vietnam, Morocco, Cambodia, China, and Turkey. In Vietnam and Morocco, 18 factories each were violating the Mango code of conduct. Violations were mainly tied to health and safety, compliance with local government regulations, and overtime. Turkey had eight factories that were in violation, China had five, and Cambodia had two factories violating the code of conduct.

The CSR report also contained information about violations of its chemical safety guidelines. Five products were found to contain arsenic, four had high cadmium levels, and azoic dyes were found to be used in 29 products.

117 products had unacceptable level of lead, 24 had high levels of formaldehyde, nine products had phenols, six were found to have nickel, four had phthalates, and two contained chrome.

 

 

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