SPANISH multi-national retailer Mango says it will enter the Zimbabwean market this year, among three other new markets.
The group announced last week, that the Catalan company would enter four new markets: Angola, Equatorial Guinea, Mongolia and Zimbabwe.
It will thus be present in 111 markets, being the mostly internationalised Spanish retail company. In addition, the company has planned to invest €265 million in opening new selling points, reforming shops and improving its logistics and information systems across its network.
Although reports were not clear on how much capital would be allocated to Zimbabwe, analysts say the move will signal the beginning of a major investment drive into the country by European companies.
Punto Fa, SL, trading as Mango, is a clothing design and manufacturing company, founded in Barcelona, Spain by two brothers Isak and Nahman Andic.
The company reported a 20% growth in annual revenue for 2012 to 1,69 billion euros and currently has a total of 2 415 stores in 107 countries worldwide selling bags, accessories, shoes, and clothing targeting both men and women.
In the Middle East and South-East Asia, Mango is planning to open 20 more retail facilities in countries such as Saudi Arabia, United Arab Emirates, Philippines, Indonesia, Malaysia, Kuwait, Qatar and Thailand.