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Chinese firms bag fashion business
By Li Xinran |
June 30, 2009, Tuesday
|
Print Edition
Print Edition
FRENCH fashion giant Pierre Cardin announced yesterday it will sell part of its business in China to two mainland companies.
The deal, worth 200 million euros (US$280 million), will involve its ready-made clothing and accessory business in China.
A spokesman of the Paris-based fashion house identified the two mainland buyers as Jiangsheng Trading Company and Cardanro, both based in Guangzhou, capital of southern China's Guangdong Province.
Founder Pierre Cardin, who will be 87 on Thursday, said his company was negotiating with its Chinese counterparts over the past two months to sell its 32 licenses and the contract was expected to be signed.
Pierre Cardin currently owns about 800 licenses in 140 countries, said the spokesman.
The French company denied selling the overall brand early yesterday.
"This is not about the sale of the Pierre Cardin group," a spokesman told reporters.
"The couturier is in talks with Chinese companies only on the sale of certain licenses in China, as it did in the past in Japan for example," the spokesman added.
Pierre Cardin entered China in 1978 and was one of the first Western fashion houses in the country after Beijing embarked on economic reforms.
The deal, worth 200 million euros (US$280 million), will involve its ready-made clothing and accessory business in China.
A spokesman of the Paris-based fashion house identified the two mainland buyers as Jiangsheng Trading Company and Cardanro, both based in Guangzhou, capital of southern China's Guangdong Province.
Founder Pierre Cardin, who will be 87 on Thursday, said his company was negotiating with its Chinese counterparts over the past two months to sell its 32 licenses and the contract was expected to be signed.
Pierre Cardin currently owns about 800 licenses in 140 countries, said the spokesman.
The French company denied selling the overall brand early yesterday.
"This is not about the sale of the Pierre Cardin group," a spokesman told reporters.
"The couturier is in talks with Chinese companies only on the sale of certain licenses in China, as it did in the past in Japan for example," the spokesman added.
Pierre Cardin entered China in 1978 and was one of the first Western fashion houses in the country after Beijing embarked on economic reforms.
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