PARIS (AP) A fashion retailer sold for $5.5 million Thursday after a $6.5-million sale in the United States.
Louis Vuitton, a Paris-based company, bought Panda, a petite Chinese cat, for $3.7 million from the U.S. company Peking University in December.
The sale comes as the cat is increasingly popular in Asia, with consumers looking for stylish and affordable pets.
The company had sold a cat in Hong Kong for $1.5 to $2.5 billion, but the sale in Paris was more expensive than expected because of the strong demand.
Vuitton said the cat was a favorite among customers.
The sale will be part of a larger effort to sell the company’s jewelry across the world, said Henri Bouchard, a managing director of Peking U.A.S., which is buying Panda for $2 billion.
Bouchard said the sale also marks the company breaking into the market for women’s jewelry with a fashion show in Milan and other events.
It also comes as Chinese shoppers are increasingly buying pets, said Bouchards father, Laurent.
Panda, a small, white-haired cat, is a popular pet in China.
He was born in China, and the owner had him shipped to Paris, where he is now kept as a pet, said Vuitton spokeswoman Anna Moutier.