The clothing brand Blue Banana concluded 2023 with a remarkable 52% growth in revenue, surpassing €19 million. This achievement reflects the brand’s consistent positive evolution year after year, following a successful 2022 with revenue of €12.7 million, a 74% increase compared to 2021. The goal for 2024 is to exceed €28 million in revenue.
Blue Banana’s objective for 2024 is to reach revenue exceeding €28 million. Online sales accounted for 38% of the brand’s revenue, surpassing the 43% generated through retail channels. El Corte Inglés contributed 13% to the revenue, while other sales outlets represented the remaining 6%.
With these results, the “X” emblem company has solidified its position as one of the most recognized Spanish brands, a recognition also attributed to its robust social media strategy, including the historic Instagram Christmas campaign in 2021, and its focus on the younger generation. “We’ve surpassed our revenue goal and have many other reasons to celebrate. It’s essential for us to continue maintaining our identity, our perspective of the world, traveling, enjoying nature, and sharing all of it.
Juan Fernández-Estrada, co-CEO of Blue Banana, expressed, “We have exceeded our revenue target and have many other reasons to celebrate. It is essential for us to maintain our identity, our way of seeing the world, traveling, enjoying nature, and sharing it—all to continue connecting with an audience increasingly drawn to and identified with this lifestyle.
“The brand opened new stores in the cities of Córdoba, Vigo, and Santander, as well as nine corners in El Corte Inglés. In total, Blue Banana has established 23 profitable physical stores across Spain. Furthermore, the brand’s products are sold in multi-brand stores in the Canary Islands, Ceuta, Melilla, Portugal, and Uruguay, which joined Andorra and Puerto Rico in 2023.
To support this growth, Blue Banana expanded its workforce from 108 employees at the beginning of 2023 to 181 employees at the year’s end, adding 73 new employees, including store personnel and staff in the Madrid and Barcelona offices. “During a time when attracting talent is particularly challenging, we’ve managed to grow more than ever. Hiring 73 new individuals who believe in the project and contribute to its development is one of our greatest achievements. We aim to create a solid structure by emphasizing internal promotions and the well-being of our team,” stated Nacho Rivera, co-CEO of Blue Banana.
Sustainability Policies Blue Banana’s catalog concluded the year as the most extensive in its history, having incorporated new garments in recent months, such as pants, backpacks, sweaters, and vests.
The majority of the brand’s apparel continues to be produced using organic cotton, recycled polyester, and other sustainable materials. Additionally, Blue Banana employs innovative and environmentally friendly techniques, such as natural dyes and hemp. Since 2021, the brand has been the first Spanish clothing company to offset its carbon emissions and has since been compensating for twice the emissions generated by its products and packaging.
This is achieved through funding for renewable energy projects and air purification initiatives endorsed by the United Nations. In 2023, Blue Banana continued organizing surf, ski, and skateboarding events to inspire and connect with its social media community.
The brand also launched iconic campaigns, including “What is lost,” which denounced the deforestation of Sumatra by the palm oil industry, and “X Jumping by Blue Banana,” a collaboration with Red Bull for Black Friday.
The company’s dedication to sustainability was recognized with an award at the 15th edition of the APMKT National Marketing Awards, receiving the distinction of Sustainable Clothing Brand in the Startups and SMEs category.
Looking ahead to 2024, Blue Banana aims to expand its points of sale in Spain, Europe, and Latin America. The company plans to open seven new physical stores domestically, with additional growth in collaboration with El Corte Inglés. Internationally, Blue Banana plans to establish a physical store in Portugal and enter Italy and Germany through multi-brand outlets in the coming months. Furthermore, Blue Banana’s products will soon be available in Mexico.
