Mango expands its board of directors and welcomes Toni Ruiz as a shareholder

Mango is laying the groundwork for 2024, a year that promises an array of novelties for the fashion company as it celebrates its 40th anniversary. Besides an anticipated record-breaking sales forecast of over 3 billion euros, the group has announced significant changes in its corporate governance. This includes an enlargement of its board of directors and the involvement of its CEO, Toni Ruiz, as a shareholder.

As of next March, Mango’s board of directors will expand from four to nine members. Joining Isak Andic, non-executive chairman; Toni Ruiz, CEO; Jonathan Andic, and Daniel López, executive directors, are five strategic figures. Margarita Salvans, the group’s CFO, will join as an executive director, while the other four profiles will serve as independent directors.

Among Mango’s recent recruits is Marc Puig, president and CEO of the fashion, perfumery, and cosmetics group, Puig. Another notable addition is Jordi Constans, former general manager of Danone in Spain and former CEO and president of Louis Vuitton (a position he left due to health reasons). Currently, he is a board member of Puig and Fluidra.

The list of independent profiles includes Jorge Lucaya, founding partner of AZ Capital, and Jordi Canals, professor and president of the Center for Corporate Governance at the IESE Business School.

“It’s a historic moment for our company. The transformation of the board of directors and the addition of new independent directors, who possess great recognition, experience, and a global vision, will drive Mango’s strategy and business while strengthening the institutionalization of our organization,” expressed Isak Andic, founder of the company.

Toni Ruiz, Mango’s new shareholder with a 5% stake

Another pivotal move announced by Mango is the entry of its CEO, Toni Ruiz, into the company’s share capital, where, starting December, he will hold a 5% stake. This transaction, executed through a capital increase, has already been approved by the board of directors and is perceived by the group as a reinforcement of its “stability and long-term project.”

“Toni Ruiz is a respected executive both internally and externally. He’s an outstanding professional and an exceptional individual, a fundamental quality in leading a company. His entry into Mango’s ownership is recognition of his outstanding management of the company in recent years, which has translated into excellent results. Above all, it represents my conviction that his vision will contribute to Mango’s continuity, solidity, and growth in the future,” remarked Andic.

Toni Ruiz stated that he assumes this new stage “with gratitude, enthusiasm, and great responsibility, in line with the work done by all the company’s teams in recent years, establishing a vision that has enabled us to become one of Europe’s largest fashion industry groups. We will continue driving this project forward with strength, stability, and ambition to leave a greater and better company for future generations.”