French high-fashion brand Balmain has confirmed that Mayhoola for Investments has acquired a majority stake in the company. The Qatar-based investment firm is also the parent company of Valentino and Pal Zileri, and will be responsible for ramping up Balmain's development.
“In recent years, Balmain’s trajectory has been more than impressive. Under the leadership of Emmanuel Diemoz 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," said a representative for Mayhoola.
Balmain's chief executive officer, Emmanuel Diemoz, said the support of Mayhoola will allow for further expansion of the brand, possibly looking at opening a flagship in every major city.
“As soon as Mayhoola came to us, it was obvious to us that they were the best choice for the brand, and so we decided to move forward with them. They have a long-term vision. They are very supportive of the management and they share our vision for the future," said Diemoz.
While the price of the investment has not been disclosed, Balmain's economic turnover has experienced continued growth, last year reporting revenues of 121.5 million euros.
The vision of Balmain's creative director, Olivier Rousteing, has seen the brand make strides in its ready-to-wear division, specifically in the American market with the Manhatten opening only in April and already performing 50 percent ahead of plan.
“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," said Diemoz.