Remember MCM? If you're a child of the '80s then chances are you coveted their logo-emblazoned Tambourine bag with the tassel, the epitome of cool back then. Fast forward a couple of decades and MCM (Mode Creation Munich) is staging a comeback, complete with a brand new look that's totally modern and chic.

At the helm of the relaunch is MCM's CEO Sung-Joo Kim, one of the most famous businesswomen in Asia -- she was named one of the "Top 50 Women to Watch" by the Wall Street Journal. A lauded humanitarian and fashion veteran (her company, Sungjoo Group launched Gucci, YSL and Sonia Rykiel in Korea), Sung-Joo's vision for the new MCM goes way beyond just creating drool-worthy bags.

StyleList caught up with her during a quick stop in the States after accepting the 2009 award for Ethics in Business from the International Association for Human Values in the Netherlands.

StyleList: Congratulations on your latest awards (she was also just named Entrepreneur of the Year by Ernst & Young). How did you become such a successful business woman?
Sung-Joo: My motivation is to prove that women can do it. Asia is 2/3 the global population and half of them are women, but it is still a very disgruntled environment where regardless of how smart a woman is, they are treated like a second-class citizen. Instead of compromising, I stood up against it. Out of 500 employees at MCM, 90% are women. Women's leadership makes such a big difference. We have different strengths than men. We're creative, imaginative, detail-oriented and very good at multi-tasking. I'm very involved in women's organizations, such as Women's Leadership Exchange, Global Summit of Women and Enterprising Women. My aim is to empower, encourage and inspire other women.

StyleList: What is your advice to the next generation of professionals?
Sung-Joo: We are all born with a precious talent. Our life journey is to discover what that talent is. Once you find a vocation that fits your talent, that's when you should start contributing back to society to make a difference. Often our capitalist society teaches us only how to be successful, to make a lot of money and to enjoy yourself. That's very ego-driven and materialistic. When you are very mission-driven and not money-driven, it makes your life very clear. We donate 10% of the company's profits back to society and 30% of my personal income goes back to society. With honest hands you can be more successful.

StyleList: What's your advice to other luxury companies on how to survive this recession?
Sung-Joo: We as luxury leaders, CEOs and entrepreneurs need to practice responsible luxury. We have to educate our customers on how to share with society. We also have to work on global warming issues.

StyleList: Tell us about the relaunch of MCM. How is the brand changing?
Sung-Joo: MCM was more logo-driven before. We're giving it a younger look and make it a brand for 21st century, high-powered, global professional men and women. Our products are functional, elegant, high-quality, sophisticated and fit for traveling around the globe. We have an MCM boutique at the Plaza Hotel in New York City and are planning to open more in Beverly Hills and Boca Raton.

StyleList: If someone is looking to buy one luxury bag, how should they decide on a style?
Sung-Joo: Buy something for an investment--instead of just to use for a few months or a year. Quality is key and in terms of design, it should have a functional purpose. The bag I'm carrying now (the MCM Glossy Dundee Patent Shopper in Cherry Patent Ostrich) is the perfect example. It fits my computer and has lots of zippers inside for organization. It also adds color to an all-black outfit. A bag used to be just for decoration--but not anymore!

StyleList: What's the one item you always have in your bag?
Sung-Joo: I've been carrying a red wallet now for over 15 years, not the same one, but it's always been red. Being so busy with work and raising a child, I'm always leaving something behind, but if it's red, it's easier to spot. Also, red brings luck!

StyleList: What are your handbag gift-giving tips?
Sung-Joo: Small leather pieces are less risky. Shoppers also make great gifts. I would also advise to give a colorful bag because when you shop for yourself, you tend to go conservative and stay with a safe color. But a nice color really brightens up an outfit and lifts the mood. It's called color therapy!

Check out the new MCM collection at Saks Fifth Avenue or Bloomingdale's.