A Shanghai-based company last week reported plans to buy the Chinese licenses of French fashion giant Pierre Cardin.

However, media reports indicate the deal may be clouded by prior agreements with other potential purchasers.

Shanghai Century Star Import & Export Corp, a unit of State-owned China National Garments Group Corp, reached an initial agreement with Pierre Cardin for the deal in June, and final talks are still under way, according to a company statement released last week.

"Everything is going smoothly, although it might take about two years to get the deal done," said Tang Jue of the French law firm Thieffry & Associes, who is legal counsel for Shanghai Century.

In June, the French fashion house's founder, 87-year-old Pierre Cardin, announced plans to sell the company's textile and accessories licenses in China for $285 million.

The Chinese licenses cover men's suits and casual wear and women's clothing and accessories.

(Source: China Daily)