HONG KONG (Yonhap) -- World-class designer brand MCM has opened its 16th Chinese store in the eastern city of Nanjing, in a bid to tap into the fast-growing luxury market in China, company officials said Thursday.
The luxury fashion company said its new 94-square-meter store recently opened in the city's Deji Plaza, one of the most-well known shopping malls in the city, which accommodates high-end luxury fashion brands.
MCM said earlier it plans to increase its number of stores in China to 100 by 2015, with the aim of increasing its overall China sales to between 400 to 500 billion won ($370 million).
Currently, it has three stores in each of Shanghai and Hong Kong, two stores respectively in Beijing, Hainan and Macau, and one in Tianjin, Chongqing, Harbin and Nanjing.
Founded in Munich, Germany, 36 years ago, MCM, which stands for Modern Creation Munich, established itself as a glamorous fashion line in the 1980s and 1990s with a reputation for fine craftsmanship of leather bags.
It is owned by South Korean female entrepreneur Kim Sung-joo.
China is expected to become the world's biggest consumer of luxury brands in the coming decade.
Hong Kong-based investment bank CLSA Asia-Pacific Markets said earlier that Chinese consumers will buy 44 percent of luxury goods sold in the world by 2020, up from 15 percent in 2010.