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French fashion legend Pierre Cardin ready to sell his business

One of the biggest names in French fashion, Pierre Cardin, said on Tuesday that he is ready to sell his group at a price of one billion euros. 

© Pierre Cardin
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"I want to sell it now," the 88 year old told The Wall Street Journal, "I know I won't be here in a few years and the business needs to continue."

Banks estimate the value of the group, which was founded in 1949, at 200 million euros.

Cardin was a groundbreaking designer, but is also an astute businessman.

He has up to 600 licences worldwide, and was one of the first foreigners to venture into the Chinese market, back in 1978.

Cardin has no heirs and hopes to stay on as creative director, "for the brand's image".
 

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