SEOUL, KOREA - Kim Sung-Joo, chairman of Sungjoo Group, disclosed her ambition to foster the German fashion brand MCM as a 2-trillion-won brand by 2020.
In a press conference held on August 28 at Sungjoo Group’s new headquarters building in Seoul, Kim revealed that she will expand the number of MCM outlets from the current 300 to 450 by 2020, as part of an effort to develop it into a brand with 2 trillion won annual sales, a sharp increase from the current 700 billion won.
Sungjoo Group plans to open 21 MCM outlets in ten countries, including Germany, the United States, Maldives, Japan, France, Bahrain, and China, within the second half of this year.
Kim also outlined her goal of gaining the No. 1 spot in Korea’s duty-free shop market, which has the world’s largest market size of about 7 trillion won.
To solidify its position as a premium brand, Sungjoo Group plans to establish a high-end design center in Europe, as well as to foster creative young designers by hiring a famous creative director from overseas.