After nearly 70 years at the helm of his fashion empire, Italian-born France-based designer Pierre Cardin is ready to sell his company for one billion euros ($1.46 billion), far more than originally estimated by banks, reports Le Blog Luxe.
In an interview with the Wall Street Journal, Cardin, 88, said he was ready to sell his empire, which includes theaters and franchises, in addition to his eponymous couture brand, among others.
One of the pioneers of brand licensing, some say the name has been overexposed, however consumers in Asia are still among the biggest customers for his brand of luxury products and designer clothes.
"I want to sell it now," said Cardin, who has no heir. "I know I won’t be here in a few years and the business needs to continue."
Financial experts estimate the Pierre Cardin empire is worth about 20 percent of what Cardin wants, but admit they lack the necessary financial information to make an accurate assessment.
Even if he is willing to give up the reins of his company, Pierre Cardin wants to remain as creative director, stating "it would be in their interest for the brand’s image.”
According to sources, several groups may be interested in acquiring such an empire as the American Iconix Brand, however, no potential buyer has come forward yet.