Pierre Cardin to sell off his empire

PARIS, Dec. 27 (UPI) -- Veteran French designer Pierre Cardin has announced he is selling his $1 billion fashion empire to devote more time to the arts, The Telegraph said Monday.

The 82-year-old is looking for a buyer for his haute couture fashion business, which carries a price tag of $500 million, to be followed by his Maxims brand which includes hotels, food shops and boats on the River Seine. About 800 connected product lines will also be sold, raising another $500 million.

"After a career lasting nearly 65 years, I feel it's time to turn the page and devote myself fully to what I love, which is the arts and cultural charity," Cardin said.

His empire spans nearly 100 countries and employs more than 200,000 people. Until now he has had total control of the company, which he owns 100 percent.

In the 1960s Cardin created an uproar by becoming the first designer to launch a ready-to-wear collection in a Paris department store.