Mango simplifies its corporate structure and absorbs two of its subsidiaries
Punto Fa, parent company of the Mango textile group which accounts for a large part of its business, will merge by absorption two of its subsidiaries, Punto Mi SL and Diknah SL, both managed by Jonathan Andic, son of the company's founder and owner, Isak Andic.
Both companies will be absorbed once their assets and liabilities are transferred. This operation, published in the Official Gazette of the Mercantile Registry, is part of Mango's corporate simplification process, according to Spanish business newspaper Cinco Días.
Over the last few years, Mango has maintained its structure of between 50 and 55 companies, a figure that contrasts with the 70 it reached in 2014.
Punto Mi, the first of these two subsidiaries in the process of extinction, focused on store management and ceased operations at the end of September 2021. With 48 million in assets, it posted revenues of 5.25 million in the last fiscal year. For its part, Diknah, a holding company, focused on representing brands and had assets of 3.2 million euros, as detailed by the aforementioned newspaper.
Jonathan, member of the board of directors of the Mango group and director of Mango Man, served as the sole director of these two companies in the process of extinction and of nine other subsidiaries of the group. All of them have financial income and their combined net worth amounts to 560 million euros.
Mango was founded in 1984 by Isak and is currently headed by CEO Toni Ruiz. The company is present in 110 international markets through a network of 2508 points of sale. In the first half of this year, the company increased its turnover by 25% to 1.21 billion euros.
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