French fashion legend Pierre Cardin asking $1.4bn for label
French fashion designer Pierre Cardin (C) arrives late on March 5, 2011 at the “Cavalchina,” a historic annual Venetian carnival ball at the Fenice theater during the Venice Carnival.
French fashion legend Pierre Cardin is ready to sell his group and will seek the equivalent of $1.4 billion.
"I want to sell it now," Cardin, 88, told the Wall Street Journal. "I know I won't be here in a few years and the business needs to continue."
The 88-year-old French fashion legend, who created the eponymous brand in 1949 after resigning a post in Christian Dior's house, has no heir.
The WSJ report noted that banks estimate the value of the group, founded in 1949, at about $295.5 million.
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.
However, according to the report, Cardin "doesn't have a clear idea about his company's annual sales" with different shares in each partners, therefore, banks have no faith in Cardin's billion-dollar offer.
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."
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