Monday, 22 March 2010
I’m sure you remember MCM. A German-based company known as Michael Cromer Munich, it epitomised glamour and was huge in the 1980s. But by 1997, the luxury brand had faded.
Now, Sung Joo Kim, a Korean business woman, is resurrecting the label, with a new name: Mode Creation Munich.
We heard about this in a Wall Street Journal article (entitled MCM’s Eastern Makeover). We recall going to the launch of MCM’s Sydney store. It opened to much fanfare in around 1993/94 from memory, but didn't last long.
We find this W.S.J. article interesting (a) because of the hope and huge amount of money that Ms Kim is investing in 'bringing the brand back'; (b) she is doing this by changing the name from the founder; (c) she is pushing the brand out from South Korea onto the Asian (first and foremost) market, US and Europe... Also, her sales were equal in 2009 to where they were at the height of the brand's original success in 2003 - it's impressive.
We believe this brand will continue to grow from strength to strength in the South Korean and Asian markets as it has 'some' heritage and has the European edge marque that consumers are nostalgic and aspirational about...
Image credit: M. Scott Brauer for The Wall Street Journal. It shows Ms Kim.
Who's behind the MO DOWN
Melinda O’Rourke is the founder and Director of MO Luxury, a dynamic, Sydney-based management firm specialising in luxury brands and services. Melinda and her associates at MO work with local and international brands across prestige retail, fashion, fine jewellery, timepieces and specialised services. Melinda is well-connected, well-read, and well-versed in the demands of the luxury market and its client base. Her advice is firmly based in objectivity and ultimately, accountability. Melinda offers constructive counsel and both strategic and creative thinking and is able to draw upon a strong network of specialised talent to compliment the MO Luxury team as needed. Melinda enjoys excellent industry relationships and is regularly quoted in the business and fashion media. Read more about MO Luxury, www.moluxury.com.au