MCM, the German accessories brand owned and run by one of South Korea’s best-known female entrepreneurs, Sung-Joo Kim, aims to more than double sales to USD2 billion within five years, tapping into shoppers’ growing appetite for niche luxury brands.
The brand, founded in Munich in 1976 and known for its colourful USD700 studded canvas backpacks, plans to expand in markets such as Japan and Europe and is looking to open outlets in major shopping hotspots including Paris, Kim told Reuters.
MCM makes around 60 percent of sales in Asia and the rest in Europe, Middle East and America. Its sales grew about 14-15 percent at constant currency in 2015, and Kim expected them to grow about 20 percent in 2016.
(Source: CNBC)