It’s been a challenging couple of years for the luxury brand sector as it continues to adapt to erratic consumer behaviour, the blurring of channels to market, increasing international travel and the millennial luxury customer. For a handful of renowned labels, teaming up with Asian investors poses as the best strategy in ensuring continued brand development while achieving a more global and exclusive footprint. The Peak takes a look at some of the most significant acquisitions in recent years that have raised a number of well-defined eyebrows in the world of luxury retail.
04 MCM
Founded in 1976 by Michael Cromer, MCM or ‘Modern Creation Munich’ was born during an era of rebellion and creativity influenced by a generation of high profile artists, musicians, jetsetters, tastemakers, entrepreneurs and other creative visionaries. During the noughties, the brand was mired in financial problems as counterfeits began to flood the black market. It was in 2005 when South Korean fashion giant Sungjoo Corp decided to acquire the business and transform it into the global fashion brand coveted for its luxurious leather goods. To date, MCM has approximately 365 stores located across 35 countries, including cosmopolitan cities like Munich, Berlin, Zurich, London, Paris, New York, Hong Kong, Shanghai, Beijing, Seoul and Tokyo. The luxury label is also sold at prestigious retailers located in key markets across the US, the UK, France, Germany, UAE, Italy and Russia.
