The new financing has been agreed with the country’s leading financial institutions

The group has also taken out a bilateral loan with Crédite Agricole for 40 million euros

Mango  has increased its financing capacity in order to guarantee the company’s cash flow until 2023 and, in particular, over the coming months, so that it will be better prepared to deal with the economic impact of the COVID-19 pandemic. The company has signed a new financing contract for 200 million euros with a maturity of three years.This extraordinary loan is being participated in by six financial institutions and has the backing of the Instituto de Crédito Oficial (ICO).The participating banks are:Banco Santander, BBVA, CaixaBank, Banco Sabadell, Ibercaja and Bankia.

The operation signed by Mango is the first syndicated loan which has been presented and approved with the backing of the ICO, which demonstrates the consensus that exists on the positive evolution of the company. “With this agreement, Mango is guaranteeing a financing that is stable in the long term without having to provide additional guarantees, which will allow us to increase our cash flow and dispose of a bigger margin to deal with the impact COVID-19 has had on our business”, Toni Ruiz, the Mango CEO, points out.

In addition to this new financing, Mango has also taken out a three year bilateral loan for 40 million euros with the French bank Crédit Agricole, which also has the backing of the ICO.

In the last three years, Mango has reduced its net financial debt from 617 million euros to 184 million, the lowest figure in the last decade.Specifically, the debt was reduced by 131 million euros last year.“Thanks to the major reduction to the debt we have made in the last few years, we are in a much stronger position to deal with the current situation”, Ruiz points out.

Preparations for store reopenings and online selling

Mango’s retail activity has reached a turning point in the COVİD-19 crisis with the initial reopening of its stores network in Europe.There are now over 600 stores open, out of a total of 2,188.

Mango online sales, which last year accounted for 24% of its total turnover, have remained active throughout this period, given that its distribution system has not been affected and deliveries have continued.Throughout this period, Mango has made every effort to satisfy its customers, adapting deliveries and returns to the current situation, for example, by extending the returns deadline and allowing deliveries to be collected from stores once they reopen.

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