Mango to invest €3 million in creating a startup accelerator
Fostering innovation is Mango's latest objective. The Spanish fashion company will launch its fashion startup accelerator, Mango StartUp Studio, in collaboration with the IESE Business School. This project will count on a €3 million investment and will involve the participation of more than 50 companies in the sector.
With the business school’s support for processes related to " initiatives, education and networking", the project aims to seek out companies and ideas in the development stage with the objective of making "seed capital investments that bring innovation to the value chain of the fashion industry and improve customer experience.”
Mango, founded in Barcelona in 1984, has established several main areas of interest, ranging from sustainability and technology to every link in the value chain, such as product creation, sourcing and distribution. The registration process for interested startups is now open via a designated website.
Depending on the nature of the initiatives, Mango will provide the participants with both a space at the company's offices and the possibility of co-working at its headquarters in Palau-solità i Plegamans, at its logistics center in Lliçà d'Amunt and at its innovation center located in Barcelona’s 22nd district.
"The new accelerator will allow Mango to learn first-hand about the startup ecosystem, establish contacts with main players in the sector and assess trends and new disruptive technologies, developing real life scenarios together with the startups, both for the high value they can provide and for their future potential," said Toni Ruiz, Mango’s CEO, during the announcement of the initiative on Thursday, April 28.
Mango announced it has created a dedicated committee to lead this new venture and to select the startups. Chaired by Ruiz, its ranks will include Jonathan Andic, director of Mango man, interior design and construction management; Elena Carasso, Mango's online and client director; Margarita Salvans, Mango's financial director; Belén Rallo, director of this new Mango project; and Paula Sancho, representative of IESE Business School. Other board members may also be part of this team depending on the nature of the startup being analyzed.
Currently present in 110 international markets, Mango closed the 2021 financial year with a 21.3% increase in turnover to €2.2 billion. Meanwhile, profit stood at €67 million, three times more than the profit recorded before the pandemic. In terms of innovation in Spain, Desigual became a pioneer by announcing the launch of its own startup launcher in July 2021, a project with an initial investment of one million euros.
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