Mayhoola for Investments, an investment fund backed by the Emir of Qatar, has acquired French fashion house Balmain, adding a brand favoured by Kim Kardashian to a roster of labels that includes Italy’s Valentino. According to some reports, Mayhoola agreed to pay close to €500 million (S$756 million) for the deal. The acquisition of 100 per cent of Balmain from shareholders including France’s Hivelin family will allow the brand to accelerate its development by opening new stores around the world, advisers Bucephale Finance said in a statement late on Tuesday. Mayhoola also owns Valentino, which is considering selling shares in an initial public offering as early as next year after nearly doubling profit on revenue of more than US$1 billion (S$1.3 billion) in 2015.The acquisition of Balmain is the second fashion deal this week by Middle Eastern investors after Bahrain investment house Investcorp Bank BSC purchased 55 per cent of Italian menswear maker Corneliani.
