Pierre Cardin reveals he is open to offers for firm

FASHION designer Pierre Cardin has said that he is open to offers for the business with a price tag of $1.5bn (£897m).

His fashion house was one of the first to expand in Asia, leading the way for other retailers. The designer, aged 88, told the Wall Street Journal: “I know I won’t be here in a few years and the business needs to continue.”

“I want to sell it now,” said Cardin, who does not have an heir. He founded his house in 1950, and was known for his avant-garde style.

The business entered Asia in the 1950s, set up in Japan in 1957, and then in China in 1979. Cardin was one of the pioneers of brand licensing and the name is now carried on hundreds of products. He said his valuation was based on a multiple of €10m (£9m) per product per country, “which is nothing at all”, he said. “One thousand products, 100 countries, that’s how it calculates. It’s nothing,” he added.