Valentino’s Parent Company Is Buying Balmain

Balmain's CEO Emmanuel Diemoz confirmed to WWD that the celebrity-acclaimed, Parisian fashion house Balmain has been acquired by a Qatar-based investment fund. According to The Guardian, Mayhoola For Investment purchased Balmain for 485 million euros, (roughly $548 million), and now holds 100% of the brand's capital. The Kardashian clan's go-to label appears to be in good hands; Mayhoola purchased Valentino back in 2012 and between 2014 and 2015 revenues were up 48%, according to Vogue UK. Balmain has been consistently on the rise with Olivier Rousteing as creative director, so keep your eyes peeled for what's coming next.