Pierre Cardin says ready to sell business for 1bn euros

3rd May 2011, Comments 0 comments

French fashion legend Pierre Cardin is ready to sell his group and will seek one billion euros (1.4 billion euros), he said in an interview with the Wall Street Journal published Tuesday.

"I want to sell it now," Cardin, 88, told the US business daily. "I know I won't be here in a few years and the business needs to continue."

The report noted that banks estimate the value of the group, founded in 1949, at 200 million euros, though financial information on the sprawling fashion empire is sketchy.

An astute businessman as well as a groundbreaking designer, Cardin has up to 600 licences worldwide.

He invested in China as far back as 1978, one of the first foreigners to try the market.

Cardin, who has no heirs, said he wants to stay on as creative director, explaining that it would be in the buyer's interest "for the brand's image."

© 2011 AFP

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