MCM aims for 2 billion dollars sales in five years

London - German accessories brand, MCM, known for its signature logo-printed, studded backpacks, is aiming to more than double sales to 2 billion dollars within five years, as it looks to expand in markets such as Europe and Japan.

Founded in Munich in 1976 by designer Michael Cromer, the accessories brand was acquired by Sungjoo Group, a South Korean retail business founded by Sung-Joo Kim, one of South Korea's best-known female entrepreneurs in 2005, and relaunched in 2006.

MCM reported that its makes around 700 million dollars in annual sales, adding that it sales grew around 14-15 percent at constant currency in 2015, and in an interview with Reuters, Kim expressed that she expects sales to grow about 20 percent in 2016, and to more than double sales to 2 billion dollars within five years, as it looks to tap into shoppers' growing appetite for niche luxury brands.

More than 60 percent of MCM sales are in Asia, with the rest in Europe, Middle East, and America, and its has plans to expand its presence by opening more outlets in major shopping hotspots including Paris.

MCM has a presence in more than 35 countries with more than 300 stores, with flagship boutiques in London, Berlin, Beijing, Hong Kong, New York, Paris, and Seoul. In 2015, the luxury brand launched its global e-commerce, starting with the US and expanding to all regions by 2017.

Image: MCM