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mcm's salvation came from south korea, one of the few places it had remained prominent, when the company that had licensed the brand – sungjoo group – acquired the business in 2005.mcm store online in 2011 sales were reported as $400m; by 2013, $500m. the company was founded in 1976 in germany, named after its founder as michael cromer münchen. according to the company's winningly titled chief visionary officer, sung joo kim, its success so far has hinged on the understanding of major developments in the luxury market. still, kim does not see the brand as south korean or asian, but as resolutely german. [mcm pocketbooks] with a hint of louis vuitton about its repetitive patterns, the bags were popular in the 1980s, when diana ross used its suitcases on tour, while trunks were carried by obsequious porters on dynasty as a signifier of wealth and success.
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