Pierre Cardin ready to sell business for €1 billion

"I want to sell it now," Cardin, 88, told the US business daily. "I know I won't be here in a few years and the business needs to continue."

The report noted that banks estimate the value of the group, founded in 1949, at €200 million, though financial information on the sprawling fashion empire is sketchy.

An astute businessman as well as a groundbreaking designer, Cardin has up to 600 licences worldwide.

He invested in China as far back as 1978, one of the first foreigners to try the market.

Cardin, who has no heirs, said he wants to stay on as creative director, explaining that it would be in the buyer's interest "for the brand's image."