The Qatari group that owns Italian designer Valentino is reportedly making another major splash in the fashion industry.
Mayhoola for Investments is acquiring French fashion house Balmain, according to merger and acquisitions company Bucephale Finance, the Guardian reported.
Various media reports pegged the sale at between €460 million and €500 million (QR1.89 billion to QR2.05 billion).
Balmain, known for its haute couture and ready-to-wear designs, was launched in 1945 and is popular with several celebrities including Kanye West and Kim Kardashian.
Bucephale Finance stated that Mayhoola is “an investment vehicle backed by Qatar’s Emir” and plans to open new Balmain stores abroad, the Financial Times reported.
In 2012, Mayhoola purchased Valentino for approximately €700 million (QR2.88 billion). That same year, the Telegraph reported it had acquired a £27 million (QR144.3 million) stake in luxury handbag and accessories maker Anya Hindmarch.