French
DeutschMCM Worldwide
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| Industry | Fashion |
|---|---|
| Founded | 1976 Munich, Germany |
| Founder | Michael Cromer |
| Headquarters | Munich, Germany |
Key people | Kim Sung-joo (Chairwoman) |
| Parent | Sungjoo Group |
| Website | www |
MCM Worldwide is a luxury fashion brand originally founded in 1976 as the initialism of "Michael Cromer Munich". The brand’s signature logo-printed material, called Cognac Visetos, appears on many of its products. Its brass plate insignia is found on all heritage collection bags and most products; each brass plate is identified by a unique number at the bottom.[1] MCM sells its products through wholesale accounts, franchises and directly operated stores. The brand was bought out by Sungjoo Group of Korea in 2005.
History[edit]
The MCM label, originally stood popular during the 1980s for being "ostentatious and flashy".[2] At the height of its popularity in 1993, it owned 250 branches worldwide and recorded sales of $250 million.[2] Following a 1995 investigation of Cromer for alleged tax evasion by German tax authorities, banks and investors lost faith in MCM's financial stability.[3] In 1997, the company was restructured, and its stores and trademark rights were split and sold.[3]
In 2005, the worldwide rights to the MCM brand were acquired from a Swiss financier by Sungjoo Group, a South Korean retail business founded by Sung-Joo Kim, the youngest daughter of South Korean magnate Kim Soo-Keon.[4] At the time, MCM's global sales stood at $100 million.[5] Kim hired designer Michael Michalsky[6] and re-launched the brand in 2006 with a new store in Berlin.[7] MCM thereafter reopened stores in New York, Toronto, Paris, London, Singapore, Tokyo, and China among others. In 2011, MCM debuted its largest store in Hong Kong’s Entertainment Building.[8]
MCM makes roughly 70% of its sales in Asia, and roughly 30% in Europe, the Middle East, and the Americas.[4] The brand aimed to have sales of $2 billion by 2019.[4]
Gallery[edit]
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MCM Store in Berlin -
MCM Heritage Cognac Visitors Travel Collection -
MCM Stark Backpack in Cognac Visetos
References[edit]
- ^ mcmworldwide.com Brand identity
- ^ a b Ramirez, Elva (March 12, 2010). "MCM's Eastern Makeover". Wall Street Journal. Retrieved 27 July 2014.
- ^ a b Elendt, Von Gerd; Jochen Siemens (July 20, 2007). "Der Fall des Michael Cromer" (in German). Stern. Retrieved 27 July 2014.
- ^ a b c businessoffashion.com MCM Aims For $2 Billion Sales in Five Years APRIL 22, 2016
- ^ Hannah Marriott (19 August 2014), The world in a bag: the rise of MCM The Guardian.
- ^ Hannah Marriott (19 August 2014), The world in a bag: the rise of MCM The Guardian.
- ^ Moodie Report, MCM reaches for the stars on global stage 10/11/06
- ^ Moodie Report, MCM inaugurates Hong Kong flagship in the glittering ceremony
External links[edit]
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| National | |
