China shoe maker in talks to buy Pierre Cardin: media
A private Chinese shoe manufacturer is in discussions with French attire maker Pierre Cardin for possible acquisition, a local newspaper reported on Sunday.business Updated: Jun 28, 2009 13:41 IST
A private Chinese shoe manufacturer is in discussions with French attire maker Pierre Cardin for possible acquisition, a local newspaper reported on Sunday.
Guangzhou Jiansheng Trading Ltd, once a marketing agent for Pierre Cardin, expected the talks with the French firm to yield a result in a month’s time, the Chinese company’s chairman Liu Jianxue told Guangzhou Daily. No further details were provided.
The paper quoted Europe-based Chinese language media as saying another private Chinese firm was also interested in investing in Pierre Cardin, and the two firms were each offering 200 million euro ($281 million) for the acquisition.
Pierre Cardin is one of the earliest Western fashion brands.
China’s economic planning agency issued an order earlier this month asking Chinese companies to report intended overseas acquisitions to Beijing before signing any legally-binding deals, as the country’s outbound investment grows rapidly.