Valentino confirms acquisition of Balmain
The brand was sold for an estimated €485 million
Valentino's Qatar-based parent company Mayhoola has acquired Balmain, according to French newspaper Les Echos. The brand that was founded by the late Pierre Balmain in 1914 was sold for an estimated €485 million (approx. RM2,210 million).
"In recent years, Balmain's trajectory has been more than impressive," a Mayhoola representative told WWD. "Under the leadership of Emmanuel Diemoz (CEO of Balmain) and creative direction of Olivier Rousteing, the historic house speaks to a new, younger and more savvy consumer, while never forgetting its heritage or the importance of true Parisian craftsmanship."
Les Echos reports that the brand will soon follow Valentino's footsteps to success – Valentino was acquired by Mayhoola in 2012 and reached its goal of $1 billion in sales earlier this year.
"When you sell a house like Balmain, you want to preserve its DNA and its history so you try and find the best one to satisfy the shareholders and satisfy the management and the teams," said Diemoz. "Olivier is really paying attention to the results, and he is really driven to keep revenues growing. He's really committed to the brand, to the house, and that's a big part of it."