London – Is Italian fashion house Valentino set to acquire luxury label
Balmain for 500 million euros? According to French newspaper, Les Echos,
Valentino’s Qatari owners, Mayhoola for Investments, has made a preemptive
bid for the French fashion house.
The Qatari investment vehicle is said to have offered 500 million euros
(569 million US dollars) for the fashion label which is helmed by Olivier
Rousteing. However, Mayhoola are not alone when it comes to making a bid
for Balmain, as an unnamed “Chinese group and an American Investor” are
also rumoured to have made an offer for the fashion label.
The fashion house’s founding family, which currently consists of the heirs
of Balmain’s former majority owner and chairman, Alain Hivelin, are said to
have until Thursday to decide which one of the three offers they accept –
if any. Competition for the French fashion house has likely been encouraged
by the increased exposure Balmain has attained since Rousteing was named
creative director five years ago.
Under the creative direction of Rousteing, Balmain has gained a strong
following of young and loyal fans, nicknamed the “Balmain Army” which has
only grown following the fashion house’s’ designer collaboration with H&M
in 2015. According to Les Echos, the Balmain family has asked French
investment bank Bucéphale Finance for a sale mandate, with an view that the
label should be sold for between 300 million and 400 million euros.