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Pierre Cardin looking for buyer for his business

French designer Pierre Cardin said he is ready to sell his fashion house for 1 billion euros (1.46 billion U.S. dollars) in an interview with the Wall Street Journal posted on Tuesday, according to Xiinhhua news.

"I want to sell it now," Cardin was quoted as saying by the U.S. daily. "I know I won't be here in a few years and the business needs to continue."

The 88-year-old French fashion legend creator has no heir and had mentioned the willingness to sell his business several years ago.

Cardin created the brand in 1949 after resigning a post in Christian Dior's house. His marketing method of issuing license to partners across the world had won the group great fame and fortune but also damped the glory of the brand as time goes on.

Over the past 60 years, Cardin is now said to have 600 licenses worldwide. 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 1 billion offer. Instead, they estimated the value of the company at 200 million euros (USD295.5 million dollars).

With a fashion show in Beijing in 1979, Pierre Cardin took the lead in entering the Chinese market and boosted the brand among the most popular luxury icons in the late 20th century in China. According to Wall Street's report, the designer has met with English investor as well as with Chinese and American investors on the deal. – Source: Xinhua News