Mango and J. C. Penney Company, Inc. (NYSE: JCP) today announced their intention to enter into an agreement under which JCPenney will become Mango’s exclusive department store retailer in the United States for the “MNG by Mango” brand.  Mango, one of the world’s top international “fast fashion” retailers with more than 1,300 stores in 94 countries, is known for rapidly delivering European runway fashion at affordable prices. As JCPenney’s largest contemporary brand, MNG by Mango will bring a representation of Mango to JCPenney, and will dramatically expand the brand’s presence in the United States where there are currently 12 Mango stores.

The MNG by Mango brand will include a full lifestyle offering of career and casual sportswear as well as accessories sold only at JCPenney.  Additional highlights of the agreement include:

Known for its highly defined brand concept, centered on original design for the modern woman, quality product and a unified brand image, the partnership will utilize Mango’s talented design team and fast fashion sourcing with JCPenney’s sophisticated logistics network and industry leading planning and allocation tools to deliver compelling assortments twice monthly.

Planned to be the largest rollout ever of any fast fashion concept, MNG by Mango will be a specialty store within JCPenney and the centerpiece of a newly designed contemporary area in the core of JCPenney stores.

Beginning Fall 2010, MNG by Mango will launch in up to 75 stores and on jcp.com, with plans to expand to approximately 600 stores by Fall 2011.

“Fast fashion for the young, modern woman is our highest-potential business opportunity. We have long been intrigued with fast fashion, and through the recent launches of our own private brands, she said® and City Streets®, we’ve experienced great success and confidence in expanding this offering to our customers,” said Myron E. (Mike) Ullman, III, chairman and chief executive officer.  “We’ve definitely been ‘stepping up our style’ over the last several years, and having MNG by Mango exclusively will further establish JCPenney as a first choice destination for the best, affordable contemporary fast fashion in the U.S. The Mango name has become synonymous with fashion at a moderate price and for innovation in creating quality merchandise at enormous speed.  We look forward to working with the Mango team to bring this same excitement to U.S. consumers, and to helping Mango build on the incredible success it has achieved around the world.”

“Every time we bring Mango to a new international market, it has driven immediate, strong demand, and we have only begun to capitalize on the great desire for Mango in the U.S.,” said Enric Casi, Mango’s CEO. “JCPenney is the perfect match for us to take advantage of the opportunity we see for the MNG by Mango brand in this market. JCPenney is increasingly known as a leader in affordable, style and has an exceptional track record in merchandising and marketing contemporary brands for the U.S. customer.  We are thrilled to see that come to life with our MNG by Mango brand.”

The MNG by Mango brand will be showcased in a compelling, unique store environment that will encompass approximately 1,000 square feet in JCPenney stores, and will anchor a new contemporary merchandise area located in the center core of the women’s apparel department, which is JCPenney’s top-performing division. This new contemporary area will also feature other leading JCPenney private and exclusive brands, including she said®, Bisou Bisou®, I Heart Ronson® and ALLEN B®, and will be on the floor adjacent to Sephora inside JCPenney. JCPenney will market the MNG by Mango brand aggressively through its integrated marketing campaigns, including online, digital, television, direct mail and preprint.  MNG by Mango will also be part of JCPenney’s promotional merchandise cadence.

“MNG by Mango brings a European runway aesthetic with mass appeal to JCPenney through a unique partnership that capitalizes on the strengths of each of our businesses to deliver clear benefits,” said Liz Sweney, executive vice president and general merchandise manager of women’s apparel at JCPenney.  “MNG by Mango will resonate strongly with our fastest-growing customer segments, as well as with the younger customers who we have attracted through the major enhancements we have made in our contemporary assortment. We look forward to working with the exceptionally talented team at Mango and to bring their extraordinary brand to our customers.”

About JCPenney
JCPenney is one of America’s leading retailers, operating 1,109 department stores throughout the United States and Puerto Rico, as well as one of the largest apparel and home furnishing sites on the Internet, jcp.com, and the nation’s largest general merchandise catalog business. Through these integrated channels, JCPenney offers a wide array of national, private and exclusive brands which reflect the Company’s commitment to providing customers with style and quality at a smart price. Traded as “JCP” on the New York Stock Exchange, the Company posted revenue of $18.5 billion in 2008 and is executing its strategic plan to be the growth leader in the retail industry. Key to this strategy is JCPenney’s “Every Day Matters” brand positioning, intended to generate deeper, more emotionally driven relationships with customers by fully engaging the Company’s approximately 150,000 Associates to offer encouragement, provide ideas and inspire customers every time they shop with JCPenney.

About Mango
MANGO is an international brand dedicated to the design and commercialization of fashion, is aimed at urban women aged 18 to 40 and is one of Spain’s top two exporters in the textile sector.
The firm began its international expansion in 1992 with the opening of two franchises in Portugal. Today, it is present in 94 countries in all five continents with more than 1,300 stores. Thanks to its rapid international expansion, the company has fulfilled its aim: to have a store in every major city in the world.
MANGO ended the 2008 financial year with a turnover of 1.44 billion euros, a figure that corresponds to R.R.P. sales excluding VAT for both company and franchise-owned stores. This represents an increase in turnover of 8% over the previous financial year.
Furthermore the MANGO/MNG Consolidated Group turnover was 1.15 billion euros, a figure that corresponds to R.R.P. sales excluding VAT for company-owned stores, plus wholesale sales to franchises. This represents an increase in turnover of 5% over the previous financial year.