Since 1990, Sungjoo Group has signed a franchise deal with Gucci, the world renowned Italian fashion house and continued this line of business by going into a franchise agreement with the French designer Sonia Rykiel in 1991. In the same year Sungjoo Group entered into an exclusive license agreement with the French luxury label Yves St. Laurent for exclusive sales rights to their cosmetics and fashion collection (Rive Gauche). By securing deals with international big names in fashion, Sungjoo has firmly rooted itself as the pioneer in global luxury business to position the Korean market as the leader in the luxury sector.
In 1991, Sungjoo Group set off to import German accessory brand MCM and at the same time won the rights to local production. This move was intended as a means to gain foothold in the local leather goods market as the forerunner. Including duty free stores, MCM is sold in more than 60 stores nationwide and has positioned itself as a globally famed fashion brand by holding 'Private showing' in both Seoul (June 2005) and Munich (November 2005). Furthermore, at Vogue's event in Milan (February 2006) this February, MCM stole the spotlight as it announced the re-launching of the fashion accessories and ready-to-wear line and has opened a flagship store in Berlin (May 2006).
In 1996, Sungjoo Group forged a deal with Marks & Spencer, Britain's largest retail chain to provide outstanding quality products at affordable prices.
Currently, Marks and Spencer sells women's wear in major department stores throughout the country. In 2000, "Marks & Spencer Flagship store" was opened in Apgujung-dong to offer a 'one-stop shopping space' where shoppers had access to men's, women's, lingerie, shoes and accessories all in one store.
Sungjoo Group has successfully overcome the financial crisis of 1997 through restructuring and now stands as a solid fashion conglomerate with brands such as MCM and Marks & Spencer. In addition to 90 stores across the globe that employ more than 500 employees and grosses more than 120 billion won annually, Sungjoo also operates shopMCM - an online shopping mall.
With enormous support and patronage from customers around the world, Sungjoo is making strides to grow into an international name under the company motto 'Global SungJoo'.