MCM aims to more than double sales to $2 billion within five years
MCM, the German accessories brand owned and run by one of South Korea’s best-known female entrepreneurs, Sung-Joo Kim 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, whose prices are around the same level as brands such as Louis Vuitton and Celine, now makes around $700 million in annual sales – putting it on par with the likes of Versace.
South Korea is home the world’s biggest duty-free market with about $8 billion in 2015 sales, and in such shops, MCM is the second-biggest fashion brand by sales after Louis Vuitton, Kim said.
MCM makes around 60 per cent 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.
Kim said luxury shoppers were embracing mobile e-commerce and estimated that within five years, 15 to 20 percent of the brand’s total sales could be generated online.