MCM Worldwide

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MCM Worldwide
Founded Munich, Germany (1976)
Founder Michael Cromer
Key people
Kim Sung-joo (Chairman)
Michael Michalsky (Creative Director)
Website www.mcmworldwide.com

MCM Worldwide is a leather luxury goods brand founded by Michael Cromer and bought out by Sungjoo Group in 2005. 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.

History[edit]

The MCM label, originally stood for Michael Cromer München, was founded by Michael Cromer in 1976 in Munich, Germany.[2] The company designed expensive leather suitcases and handbags which became 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 by Sungjoo Group, a South Korean retail business founded by Sung-Joo Kim, the youngest daughter of South Korean magnate Kim Soo-keon.[4] Kim re-launched the brand in 2006 with a new store in Berlin and appointed German designer Michael Michalsky as MCM’s creative director.[5] MCM thereafter reopened stores in New York, Paris, London, Singapore, Tokyo and China among others. In 2011, MCM debuted its largest store in Hong Kong’s Entertainment Building.[6]

MCM makes roughly 70% of its sales in Asia, and roughly 30% in Europe, the Middle East and the Americas.[4] The brand aims to have sales of $2 billion by 2019.[4]

Gallery[edit]

References[edit]

  1. ^ mcmworldwide.com Brand identity
  2. ^ a b c Ramirez, Elva (March 12, 2010). "MCM's Eastern Makeover". Wall Street Journal. Retrieved 27 July 2014. 
  3. ^ a b Elendt, Von Gerd; Jochen Siemens (July 20, 2007). "Der Fall des Michael Cromer" (in German). Stern. Retrieved 27 July 2014. 
  4. ^ a b c businessoffashion.com MCM Aims For $2 Billion Sales in Five Years APRIL 22, 2016
  5. ^ Moodie Report, MCM reaches for the stars on global stage 10/11/06
  6. ^ Moodie Report, MCM inaugurates Hong Kong flagship in glittering ceremony

External links[edit]