German luxury brand MCM is making a comeback and it's looking to open free-standing Canadian locations, according to sources. MCM reportedly does robust wholesale business at Holt Renfrew, prompting a Canadian store expansion.
Founded in Munich in 1976, MCM is known for its logo branded leathergoods, similar to Louis Vuitton's monogram canvas. MCM (which stands for Mode Creation Munich) was especially popular in the 1980's for its flashy, logo-printed accessories. Its business eventually faltered as consumer preferences shifted towards less overt luxury branding, not to mention the brand flooded the market and became subject to counterfeiters. At the height of its popularity in 1993, it boasted 250 stores worldwide with sales in excess of $250 million.
MCM accessories are available in Canada at Holt Renfrew locations in Calgary, Vancouver, Toronto Bloor Street, and Toronto Yorkdale Shopping Centre.
Patrick Valeo III, MCM’s president, told Women's Wear Daily: “America is crucial this year. We’re planning aggressive growth for the future. We’re going to roll out more U.S. stores in the spring. We do great business in Canada at Holt Renfrew and we’ll open our own stores there.”
MCM recently opened its first U.S. flagship, spanning 4,000 square feet in New York City's SoHo area. On February 10, the company's first e-commerce site launched, as a precursor to its global rollout. Mr. Valeo says that MCM is close to signing leases at three Las Vegas properties (Wynn, Forum Shops at Caesar's Palace, CityCenter) and is seeking sites in Los Angeles/Beverly Hills, San Francisco, Chicago, Houston, Honolulu, and southern Florida (Miami and Bal Harbour Shops). MCM has operated a small shop at New York City's Fairmont Plaza Hotel for about six years.
MCM does over $500 million in global sales annually, mostly in Asia. MCM is the second-highest selling brand in Korean airports, for example, and it hopes to overtake Cartier to become number one.
MCM had two free-standing Canadian boutiques in the early-to-mid 1990's, both in the resort town of Banff, Alberta. One was located at the Banff Springs Hotel and the other was downtown at Cascade Plaza, alongside Polo Ralph Lauren and Louis Vuitton. All have since shuttered.