Qatari investors are eyeing the French luxury fashion house Balmain.
A Qatari investment fund, which already owns the iconic Italian Valentino, is acquiring the popular French luxurious fashion house Balmain.
On Tuesday, it was announced that Balmain, which has become a favourite for movie stars and singers, will be 100 percent owned by Mayhoola for Investments.
The news was announced by Bucephale Finance, specialists in mergers and acquisitions, without disclosure on the acquisition price.
According to the French financial daily, Les Echos, the Qatari side offered 485 million euros ($546 million) for the fashion house, which is 70 percent owned by the heirs of former CEO Alain Hivelin who died in December 2014, and the remaining 30 percent controlled by management.
But newer estimates are reporting that the Qatari offer was higher than the previous estimates of between 300 to 400 million euros.
Mayhoola, is an investment fund that is supported by the emir of Qatar, and will allow Balmain to grow internationally and help it open new boutiques around the world. The brand only has eight boutiques around the world today, the eighth opened in New York just last April.
The French fashion house was established by renowned designer Pierre Balmain, and opened its doors first in 1945.
It has had a rocky history, and has changed management several times due to financial difficulties at several incidents. However, the brand relaunched in 2006 under the leadership of former Paco Rabanne stylist Pierre Dearnin, and has since gain global momentum by attracting stars like Marion Cotillard and Gwyneth Paltrow.