Luxury Confections Brand Lady M to Pull Out of Mainland China
Lady M, a New York-based luxury confections brand, announced on July 21 the future termination of all stores in the Chinese mainland.
According to the announcement, Shanghai Muxin Catering Management Co., Ltd., as the exclusive operator of the Lady M brand in mainland China, will close all existing stores of Lady M in the country.
The physical stores will be terminated on September 10, which is also the termination date for payment of Lady M’s prepaid cards. Consumers can still use the card in Lady M’s physical stores and online mini program before the termination date.
A source close to Lady M told Chinese media outlet Yicai that the brand is taking a direct role in elevating the China business. The latest announcement may be related to the differences of operation philosophy of Lady M and its licensing partner.
Lady M is a luxury confections brand established in New York in 2004. Its first store is located in the busiest Upper East Side of New York City. Ken Romaniszyn, CEO of Lady M and hailing from a family with a history of catering, has been influenced by Asian food culture since childhood, so Lady M’s desserts are not as thick and sweet as traditional Western cakes.
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Lady M is famous for its signature Mille Crêpes Cakes. After more than 10 years of operation, Lady M has set up dozens of stores around the world, from the US to Singapore, Hong Kong and Taiwan. In 2017, Lady M came to Shanghai and opened up two branches in the economically-advanced city. At present, it has built three central factories, dozens of physical stores nationwide and a convenient online sales network.
In June, Bloomberg reported that Lady M was preparing to raise $20 million in a new round of funding that could value it at $600 million.