French fashion legend, Pierre Cardin is willing to sell his group for €1 billion($1.48 billion). Mr. Cardin said for the first time at the age of 88 years in an exclusive interview with the Wall Street Journal, that he seriously prepared to sell the group consisting of theaters, franchises Maxim’s and of course his eponymous couture brand, among others.
Bankers estimate it could be worth about €200 million, but even that is a guess because of a lack of financial information. Pierre Cardin was also never declared its strong desire to sell before. A few years ago, Mr. Cardin said he wanted to sell his business for €500 million, but no one came forward. The designer says he’s serious about selling this time.
Mr Cardin, an astute businessman as well as a groundbreaking designer, launched his own label in 1950. At the time he was told that what he was doing was impossible and he said only belief in himself and obsession carried him through. He has become a household name on products around the world from couture clothing to alarm clocks. He was the first Western couturier to turn to Japan as a high fashion market in the late 1950s and later communist China in 1975.
There is one major condition for the sale: He isn’t ready to hang up his scissors. I want to remain as creative director, he says. It would be in their interest for the brand’s image.