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France : Pierre Cardin plans to sell $1bn empire
December 7, 2004 |  |
French fashion designer Pierre Cardin is planning to put much of his empire up for sale, seeking $1 billion for his couture and licensing businesses as well as the Maxim's restaurant concerns.
Cardin, whose empire stretches from silk ties to champagnes marketed under the label of the famous Maxim's restaurant, is selling so he can concentrate on the arts, he said in an interview with the French press.
"After a 65-year career I feel it is about time to turn the page to devote myself fully to what I love: arts and cultural charity," he said.
The 82-year-old considered the king of luxury franchising is putting only his haute couture and its related product licenses on the block in an initial phase.
"I am only selling haute couture and the licensing contracts attached to it," he said.
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