Mango staff to get taste of John Lewis-inspired perks
The privately-owned Spanish fashion chain Mango is to offer staff John Lewis-style profit shares, possibly from next year, to maintain camaraderie in the face of rapid canada goose coat – kensington expansion.
The women’s clothing retailer, which has about 150 stores in the UK, is discussing how to reward staff before an expansion into Russia and China that will double its size in the next few years.
Its general manager, Enric Casi, said there was a concern that such rapid growth could undermine the sense of purpose and loyalty in the firm that has helped it enjoy continued growth through the financial crisis.
He said the Spanish market was saturated with Mango stores, but there was plenty of room for expansion in the UK, France and Germany, as well as other locations from Honduras to Algeria.
“One of the potential risks we face is that staff who now feel very close to the brand and the company, and enjoy working in teams, will start to feel just like a number and become detached and unhappy. In 2012 or 2013, all staff will be able to share in the company’s success through a share buy canada goose parka ottawa of the profits,” he said.
The firm was founded in 1984 by Turkish immigrant brothers Isak and Nahman Andic. They opened their first store in Barcelona where the company is still based in a former aircraft hangar on the outskirts of the city. The Andic brothers still own 100% of the business.
Casi said the firm had remained conservatively run and had only taken on bank debt in buy canada goose parka uk small amounts to fund expansion. Most funds have come from recycled profits.
Many Spanish companies, especially in the property sector, took on huge loans to fund expansion and have since gone bust. Zara, Mango’s main Spanish rival, is also unlisted best place buy canada goose jacket toronto and has continued to expand over the last three years.
Mango has refused to divulge profits, but the Andics are understood to be among the wealthiest business people in Europe after almost 30 years of the chain’s growth.
Forbes magazine puts Isak’s fortune at canada goose coat 1000 calorie 1.8bn and counts him among the 500 richest people in the world, although far short of the estimated 5bn amassed by Topshop’s Sir Philip Green and his wife.
The firm’s reliance on boutique shops selling mid-priced clothes to fashion conscious working women has paid dividends.
It plans to open up to 350 more stores in the UK and a similar number in France. In China, the plan is to expand from 160 buy canada goose jacket winnipeg stores to about 1,000.
Casi buy canada goose jacket winnipeg said the fashion lines were virtually the same in every country. “With everyone reading the same fashion magazines and watching the same films, the fashion business is more global than ever. If something doesn’t work in London, it probably won’t work anywhere.
“We have a universal collection with 20% adapted to local demands. In the Middle East, for instance, this means longer clothes,” he said.
“In China, as we amazon canada goose jacket open more stores, we will have to adapt more of our clothes. At the moment, the people who shop with us want the current Mango look and brand, but that will change.”
He said slower growth in Europe as the UK, France and Spain struggled buy canada goose parka cheap with government austerity measures would not hold up growth.
The firm boasts the largest in-house design department in Europe, he said, and spends millions of euros each year monitoring its suppliers to keep them in line with its corporate social responsibility standards policies.
Casi said the days of major firms inadvertently employing child labour were long gone. The issue today is monitoring wages and healthcare and other related areas of employment.
Many of best canada goose coat for women Mango’s garments come from Vietnam as well as Morocco, Turkey and China. The Vietnamese factories are often owned by Chinese companies that have come under pressure from increasing wage demands.
Recent rises in cotton prices and other commodities used in clothes production, notably oil related website, have been absorbed in profit margins. Unable to pass on rising raw materials costs, there is nothing for it but to squeeze margins.