Balmain Bought by Private Qatari Investment Company
The firm, which has been linked to the royal family of Qatar, also owns Valentino.
The Parisian fashion house, known for bodycons and super-cinched waists, was bought by private investment firm Mayhoola, which has been linked to the royal family of Qatar. The company, which bought Valentino in 2012, is reported to be building a luxury fashion empire.
Business of Fashion reports that Mayhoola paid a record price — €500 million, or approximately $563 million — for the brand, which has seen a red carpet spike thanks to the Kardashian-Jenners and their fringe network of supermodel friends, including Gigi Hadid and Joan Smalls.
After starring in the brand's spring 2016 campaign with Naomi Campbell and Claudia Schiffer, Cindy Crawford wowed in a curve-hugging Balmain gown at the Met Gala, posing alongside Kendall and Kylie and thus demonstrating Balmain's multi-generational appeal. Kids, too, can sport the brand thanks to the new children's collection, which ranges in price from $205 to $5,995.
Mayhoola has yet to comment on what the acquisition will mean for the brand, though given its scarce retail presence (the brand has only four flagship stores worldwide), more locations could be in the works. Given its Kardashian connections, a Hollywood adjacent store just might be at the top of the list.