SEOUL, South Korea – MCM, the luxury travel goods brand from South Korea, announced that it will support global health by contributing US$10 million through (RED) over the next 10 years.
“The private sector plays a pivotal role in providing resources and expertise in global health,” said Mark Dybul, Executive Director of the Global Fund. “MCM’s new partnership with (RED) is a significant step towards expanding innovative private sector engagement in South Korea.”
MCM’s investment, in partnership with (RED), will benefit programs supported by the Global Fund that will empower the lives and health of women and girls.
“As a millennial brand, with an almost entirely millennial audience, we need to start taking actions that will impact the future of this generation, my daughter's generation,” said Sung-Joo Kim, MCM’s Chairperson & CVO. “As companies and leaders, we need to seize the opportunity and be a catalyst that kick starts change. Indeed, as your companies change, countries will follow."
(RED), founded by Bono and Bobby Shriver in 2006 to create a sustainable flow of private sector money for the Global Fund, has engaged many leading companies and extraordinary collaborators in special events.
"We're so grateful to Sung Joo Kim and MCM for showing private sector leadership by partnering with (RED) to finance the critical work of the Global Fund," said Deborah Dugan, CEO of (RED).
The announcement of the partnership with MCM was made at the Condé Nast International Luxury Conference in Seoul yesterday, and will contribute to a successful replenishment cycle for the Global Fund.
This year, the Global Fund has set a goal of raising US$13 billion for the three-year period beginning in 2017. That would save up to eight million lives, avert up to 300 million infections and new cases of HIV, TB and malaria, and lay the groundwork for potential economic gains of up to US$290 billion in the years ahead.
The Government of the Republic of Korea has been a donor to the Global Fund since 2004. Since 2013, the government has been using an innovative way to raise resources through a levy on air tickets, which allowed them to provide up to US$4 million annually to the Global Fund to advance global health goals.