PARIS — At 80, designer Pierre Cardin figures he’s done just about everything possible — except sell his far-flung holdings.
But Cardin told WWD last week he has set himself a deadline to do just that within the next 12 months. It is understood that French bank Crédit Agricole is spearheading the effort.
"I have three offers already pending," he said in an interview at his headquarters, flashing what he claimed were proposals."I have one offer from a Russian company, one in Asia and one in the United States. I want to do it in the next year. I’m still strong today. But who knows, in three or four years I could have gone senile or be dead."
Cardin said he has yet to accept a deal because "I’m holding out for more money." As is his habit in financial matters, he declined to provide details. But sources said selling Cardin’s tangled web of companies will be no easy feat — and the firms are likely to be unloaded one by one. Likely candidates for the U.S. business could be any of his licensees, which include Beldoch, which holds the license for Cardin women’s wear in North America.
Retail sales of Cardin products are estimated at $1.5 billion. But the designer insists on running virtually every aspect of his company himself, secretly. His empire spans some 800 licensed products, theaters, hotels, a cultural center in eastern Paris, galleries and some 30 restaurants.
When asked about recent reports that his house was strapped with some $60 million in debt, the designer scoffed. "That’s completely false," he said. "I have more money than I know what to do with. That’s a rumor started by someone — someone malicious — who owes me tons of cash. If I was in debt, I could sell one of my holdings and that would be it. But I’m not. That should prove to you that I’ve no troubles."
French business magazine Challenges this summer ranked Cardin the 44th richest man in France with a fortune worth $600 million. According to documents available at the Paris Chamber of Commerce, Cardin’s pyramid of companies in France generated some $45 million in royalties and other revenues — and $1.8 million in profits — in 2001.A spokesman for Cardin said these figures paint an incomplete picture because the designer also has companies in numerous other countries and their sales are not public information in France.
Meanwhile, Cardin insisted he’s not selling for the money. "I’ve always been avant-garde. Everything I’ve done has been 20 or 30 [years] in advance of everyone else," he said. "I was the first one to buy a restaurant. Now, look around you, [Pierre] Bergé and [Francois] Pinault have restaurants. I’ve always been misunderstood because I’m not conventional. I’ve done it my way."
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews
@prada is introducing a new project at its men’s fall 2018 show this Sunday: “Prada Invites.” The fashion house invited four celebrated creative minds – @ronanaerwanbouroullec, Konstantin Grcic, @herzogdemeuron and @rem.koolhaas – to each create a unique item with its iconic nylon material. The designs will be unveiled on the runway show, which will take place at the company’s warehouse in Viale Ortles 25. #wwdfashion #mfwm (📷: @martinocarrera)
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion