23 years later: Mango confirms return to Argentina

Madrid – Mango is adding a new market to its list of over 120 countries with its upcoming return to Argentina. The Spanish company will resume operations both in-store and online, following its exit in 2003.

To put the exit into context, Mango first entered Argentina in 1998. The company decided to cease its operations in the country in 2003 due to the effects of a deep and persistent economic crisis that began in 2001. This crisis led the government of Fernando de la Rúa to impose a restriction on cash withdrawals from banks on December 1 of that year, limiting them to a maximum of 250 dollars per week. This decision established the popularly named “corralito argentino”. The measure was not officially repealed until December 2, 2002, under the presidency of Eduardo Duhalde. Nevertheless, the economic situation in the country remained delicate, to say the least.

Under these circumstances, Isaac Andik, founder, majority shareholder and then chief executive officer of Mango, travelled to Argentina in early 2003. He went to personally explain the company's decision to halt its operations in the country to the approximately 65 employees of the Spanish group's subsidiary. This decision would lead to the dismissal of its workers and the closure of the four stores the company had in Argentina at the time. This followed the closure of two points-of-sale in the country the previous year after experiencing a 35 percent drop in sales. A new wave of closures was therefore carried out in less than ten days. The only exception was the Mango store on Florida Street in central Buenos Aires. It was agreed to keep this point-of-sale open until March of that year, primarily to sell off the company's remaining stock in the country at clearance prices.

“The local operation never became profitable and with the devaluation of the peso,” which stood at over 70 percent against the dollar since January 2002, “the business is not viable,” Isaac Andik told the Buenos Aires financial newspaper El Cronista on January 7, 2003. He added: “it is not justifiable to produce in Buenos Aires for four points-of-sale, nor is there any margin to maintain prices in dollars.”

Return to Argentina, in partnership with Grimoldi group

In contrast to the direct management model Mango used in Argentina through its country subsidiary between 1998 and 2003, the Spanish fashion multinational will adopt a different approach for its return. It will operate in the country through a local partner. This role will be filled by the Argentinian company Grimoldi, a group specialising in the manufacture and sale of footwear products for both its own and third-party brands. The company's origins date back to 1895. It completed its last financial year in 2025 with revenues of approximately 175 million euros (a decrease of 10.48 percent) and a net profit of 9.48 million euros (a decrease of 0.92 percent).

In this regard, the Argentinian company itself, in its capacity as a listed company, informed the National Securities Commission (CNV) of the Argentine Republic late last week that it had formalised an agreement with Mango. Under this agreement, it will become the franchise partner for the retail sale of its products in the country. These operations will be carried out under a franchise agreement, through which Grimoldi plans to open five Mango stores, which will operate under the registered trademark MNG, over the next five years.

First store, for the fourth quarter of 2026

Although the documentation submitted to the CNV specifies that the first of these five openings is scheduled for September 2026, sources at Mango's management have confirmed the agreement with Grimoldi for its return to Argentina. They also clarified to FashionUnited that the date for the first opening has not yet been finalised. It will most likely take place between the end of the third quarter and the last quarter of this financial year. This period, from September to December, is when Mango is expected to begin selling its fashion collections to consumers in the country again.

Regarding the exact location from which it will resume operations in the Argentinian market and the product range the company will offer upon its long-awaited return, Mango will launch in the country with its womenswear and menswear collections. The store will be located in the Alto Palermo Shopping centre. This shopping and leisure complex is situated in the eastern area of Buenos Aires, the capital of Argentina. Mango's offering will share the retail space with other international fashion operators and brands such as Adidas, Nike, Bensimon, Birkenstock, Levis, Converse, and Grimoldi itself, which operates a point-of-sale in the same shopping centre.