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You can find the current article at its original source at https://www.theguardian.com/fashion/2016/jun/22/fashion-house-balmain-sold-to-qatars-mayhoola-sovereign-wealth-fund
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| Version 0 | Version 1 |
|---|---|
| Fashion house Balmain sold to Qatar's Mayhoola sovereign wealth fund | Fashion house Balmain sold to Qatar's Mayhoola sovereign wealth fund |
| (about 5 hours later) | |
| The Qatari investment fund that owns the Italian Valentino label will take over the French fashion house Balmain, which has become a favourite of film stars, the adviser for the acquisition has announced. | The Qatari investment fund that owns the Italian Valentino label will take over the French fashion house Balmain, which has become a favourite of film stars, the adviser for the acquisition has announced. |
| “After completing this transaction Mayhoola for Investments will hold 100% of Balmain’s capital,” said the merger and acquisitions company Bucephale Finance. | “After completing this transaction Mayhoola for Investments will hold 100% of Balmain’s capital,” said the merger and acquisitions company Bucephale Finance. |
| The French financial daily Les Echos in reporting on the acquisition said the Qataris offered €485m (£372m) for Balmain, which is 70% held by the heirs of the former CEO, Alain Hivelin, who died in December 2014, with the remaining 30% held by management. | The French financial daily Les Echos in reporting on the acquisition said the Qataris offered €485m (£372m) for Balmain, which is 70% held by the heirs of the former CEO, Alain Hivelin, who died in December 2014, with the remaining 30% held by management. |
| Related: H&M's Balmain launch prompts scuffles on Regent Street | Related: H&M's Balmain launch prompts scuffles on Regent Street |
| The reported Qatari offer was higher than sale estimates of between €300m-€400m. | The reported Qatari offer was higher than sale estimates of between €300m-€400m. |
| Mayhoola is an investment vehicle supported by the emir of Qatar. | Mayhoola is an investment vehicle supported by the emir of Qatar. |
| Balmain was started in 1945 by designer Pierre Balmain and has passed through several hands and periods of financial difficulty over the years. | Balmain was started in 1945 by designer Pierre Balmain and has passed through several hands and periods of financial difficulty over the years. |
| In 2005 Christophe Decarnin, a former artistic director at Paco Rabanne, came on board and relaunched the brand, attracting movie stars like Marion Cotillard and Gwyneth Paltrow. | |
| Since 2011 Balmain has gained added momentum under artistic director Olivier Rousteing. | Since 2011 Balmain has gained added momentum under artistic director Olivier Rousteing. |
| • This article was amended on 22 June 2016. An earlier version misnamed Christophe Decarnin as Pierre. The date of his arrival at Balmain and his position at Paco Rabanne were also corrected. |