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State owned company grabs Pierre Cardin license
03
Sep '09
Shanghai Century Star Import & Export Corp, a division of state-owned China National Garments Group Corp, in all probability will take over the license of French fashion house, Pierre Cardin in China.

An agreement was reached in June and approved by Chinese regulators, although final talks are still going on. Earlier two Guangzhou-based firms based companies were also in the race to acquire the license.

Earlier, in June Pierre Cardin had announced that it was in talks with Chinese enterprises to sell the licenses for around €200 million. Pierre Cardin was one of the first brand's to enter the Chinese market and in all has over 800 licenses world-wide.

Fibre2fashion News Desk - India

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