Pierre Cardin Selling His Label
Legendary designer Pierre Cardin wants to make sure his fashion house outlives himself—so at 88 years old, he’s planning to sell the iconic brand.
Though Cardin says he wants to remain the creative director, “I want to sell it now,” he told the Wall Street Journal. “I know I won’t be here in a few years and the business needs to continue.”
Potential buyers, however, should note that Cardin’s not willing to sell it cheap. He wants €1 billion (about $1.46 billion U.S.) for his company, a price that has garnered plenty of raised eyebrows among the industry.
Cardin’s business is driven by licensing deals; according to the Journal, he continues to lend his name to “thousands” of products internationally. These deals bring in plenty of cash but make it hard to pinpoint exactly how much the label is worth (though bankers reportedly estimate its worth at about €200 million, or approximately $297 million U.S.).
“I don’t know how much it makes,” said Cardin. “It’s incalculable.”
Making the matter even trickier, Cardin doesn’t have a board to oversee his finances. “I am my own board,” he said.
Cardin has reportedly met with English, Chinese and American investors, though no deal has been inked yet.
In related news, Jimmy Choo could soon have a new owner.
