Contrary to the latest rumours, fashion house Pierre Cardin will not sell their label, but will sell all their textile licences and accessories in China, reports FashionMag.fr.
According to a statement released by Pierre Cardin today (June 29), these licenses will be transferred to two Chinese companies for 200 million euros.
Rumours of the sale of the label began to circulate when the director of Cardin in China, Fang Fang, revealed that negotiations were underway with several companies interested in buying the label.
However, Pierre Cardin clarified that the sale involves only the textiles and accessories, and only for the Chinese territory.
There are currently 800 licences in 140 countries and the sale involves only 32 textile licences and accessories of Pierre Cardin in China.