French fashion house Balmain, helmed by creative director Olivier Rousteing, will soon be firmly in the hands of Qatar-based Mayhoola for Investments.
In a statement released today, merger and acquisitions company Bucéphale Finance revealed, “After completing this transaction, Mayhoola for Investments will hold 100 percent of Balmain’s capital.”
The French financial paper Les Echoes noted that the family holding company belonging to former CEO Alain Hivelin’s heirs (now deceased), was offered 485 million euros by the Qatari investment firm.
Balmain is a brand that frequently makes headlines, most recently for its successful H&M collaboration; along with its “Balmain Army” that features the likes of Cindy Crawford, Joan Smalls, Alessandra Ambrosio, Gigi Hadid, and Kendall Jenner; while creative director Rousteing is a frequent visitor to Dubai.
The Qatari investment firm also owns Valentino. Mayhoola purchased the Italian luxury label in 2012. Today, Valentino revenues total over one billion US dollars and represent a 48 percent increase from 2014.