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Pierre Cardin Calls It Quits, Wants to Sell Label for £1 Billion

Fashion mogul Pierre Cardin, now 88 years old, has told the Wall Street Journal that he sees the writing on the wall that his time here is short and he now wants to sell his label, so that it can continue on without him. His set selling price? £1 Billion, or close to $1.5 billion in US dollars. Since the offer was announced, analysts have scoffed, claiming that Cardin’s business is worth roughly £200 million. At most, a mere fraction of what he’s asking. They’ve also brought up that he had no success just a few short years ago when he tried to sell off the company for £500 million. What’s more, the company is now famous (or infamous) for being licensed to the hilt, with his name on nearly every product one can stitch, print, or otherwise put a label on. Given that Cardin is a private company that “reports limited financial information,” it makes it even trickier to value the actual worth of the company. And last but not least, if someone does wind up forking over the £1 billion, “Mr Cardin told the WSJ that a condition of any sale would be that he remained as creative director.”

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