According to Les Echos Qatari based Mayhoola, owner of Valentino, offered 485 million euros ($546 million) for Balmain, which is 70 percent held by the heirs of the former CEO Alain Hivelin who died in December 2014, with the remaining 30 percent held by management. The reported Qatari offer was higher than the sale estimates of between 300 to 400 million euros.
Mayhoola, an investment vehicle supported by the emir of Qatar, “will allow the (Balmain) brand to speed up its development, especially with the opening of new boutiques abroad,” said Bucephale in its statement.
Since 2011, Balmain has gained added momentum under its young artistic director Olivier Rousteing, who has promoted the brand heavily on social media.
Now with the financial support from Qatar, “Balmain, which today only has eight boutiques around the world, including one in New York since April, hopes to follow the same trajectory (as Valentino) thanks to its expansion in the Middle East and the United States,” Les Echos reported.
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