German-Korean luxury label MCM enters the U.A.E.
The German-Korean luxury retailer MCM (known as ‘Modern Creation München’, a subsidiary of Sungjoo Group from South Korea) signed a joint venture agreement with Al Tayer Insignia, the retail arm of Al Tayer, to make an official launch into the United Arab Emirates. The retailer, which operates 123 single-brand stores but is present in more than 650 outlets globally, will open a flagship in the Dubai Mall, due for March 2020. This store will be located in the Fashion Avenue area. With sequined T-shirts sold from US$235 and leather jackets priced up to US$4,330, MCM has been selling in Saudi Arabia, Kuwait, Qatar, Bahrain and Egypt since 2012. A recent partnership is with Ounass.com, an e-commerce platform dedicated to luxury created in 2017 by the Al Tayer Group.
The fashion brand MCM was founded in 1976 by Michael Cromer in Munich. Prices are similar to Louis Vuitton and Celine. The firm generates 60% of turnover in Asia and 40% in Europe, the Middle East and America. In 2005, it was bought by the Korean group Sungjoo.