Cardin ready to sell his business

French fashion legend Pierre Cardin is ready to sell his business for one billion euros. Banks estimate the value of the group, founded in 1949, at 200 million euros.Cardin is known for his avant-garde style and his Space Age designs. Cardin, 88 say that he is old and his business needs to continue. 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 buyers interest for the brands image. An astute businessman as well as a groundbreaking designer, Cardin has up to 600 licenses worldwide. He was nominated Goodwill Ambassador of the Food and Agriculture Organization of the United Nations in 2009.