Shanghai Century Star Import & Export Corp, a unit of state-owned China National Garments Group Corp, is in talks with French attire maker Pierre Cardin to take over a license in the country, according to a company statement released yesterday, the Shanghai Daily reported.
The Shanghai-based company reached an initial agreement with Pierre Cardin for the deal in June and won approval from Chinese regulators earlier this month, becoming a qualified investor for the deal. Final talks are still going on, according to the statement.
In June, Pierre Cardin announced that it was in talks with two Chinese firms to sell part of its China business, including textile and accessory licenses, for EUR 200 million.
Two Guangzhou-based firms, Jiangsheng Trading Co Ltd and Guangzhou Cardanro Development Co Ltd, were reportedly the two potential buyers. However, Jiangsheng later denied the reports to Reuters.
The French fashion giant's founder, Pierre Cardin, will fly to China next month to sign an agreement with a consortium of four Wenzhou businessmen to transfer ownership of some of its business in China, according to a Hong Kong newspaper.
Pierre Cardin is one of the first Western fashion brands to enter the Chinese market and currently owns about 800 licenses worldwide.
