Original sentence: Founded in 1954 at the initiative of Jean-Jacques Guerlain, the Comité Colbert, an association governed by the French law of 1901, has a membership of 68 houses of luxury whose object is to collectively promote their shared values in France and internationally.Outside Europe, they have nearly as much economic weight as the French motor industry and ten times more than the French rail industry.The Chairman is elected for 4 years by the General Assembly.Their quest is to combine tradition and modernity, craftsmanship and creativity, history and innovation.They represent one-quarter of the world luxury sector, nearly twice the Italian luxury sector and 2.5 times the U.luxury sector
Edited sentence: It was founded in 1954 by Jean-Jacques Guerlain.The Comité Colbert, is an association of 70 French Luxury brands