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Salsa is getting closer to its goal of making Spain its main market. Over 30% of the company’s global turnover comes from the Spanish country, which is also the one where the brand has the strongest presence, with shops in key locations.
‘The company hopes that Spain will continue to build muscle,’ says Modaes. ‘Portugal is a smaller country and it’s difficult to keep growing in a market of 11 million people,’ commented CEO Hugo Martins to the Spanish publication.
To strengthen its dominance in the Spanish market, the Sonae group company is preparing a new opening, this time in the Garbera shopping centre in San Sebastián. ‘We want to keep growing, but we’re going to do it on the streets of the main cities,’ said Hugo Martins, revealing that there are also plans to open another outlet, but in the form of a street shop.
The same article reports on Salsa Jeans’ ambition to expand beyond Portugal and Spain, which already accounts for 60 per cent of sales. France has been identified as the third market, followed by the interest shown in the Middle East. ‘The Middle East is another international focus, where Salsa Jeans signed a contract in 2023 with a local distributor to expand to 20 shops in five years,’ he concluded.
Salsa ended 2023 with sales of 8.4 billion euros, an increase of 9 per cent compared to 2022. In terms of net profit, it amounted to 357 million euros.