Italian fashion house Valentino, which is owned by Qatar's Mayhoola for Investments, has offered 500 million euros ($569 million) to acquire Balmain, French newspaper Les Echos reported on Sunday. Balmain, a Paris-based fashion house, which is currently under the creative direction of Olivier Rousteing, has also received offers from a Chinese group and an American investor, Les Echos reported, without providing names. The heirs of Balmain's former chairman and majority owner, Alain Hivelin, have until Thursday to decide whether to accept one of the three offers, according to Les Echoes.
According to reports from February, heirs of the late Hivelin, who died in December 2014, have decided to give up control of the brand. Les Echoes reported that the family had given a sale mandate to Bucéphale Finance, a French investment bank, and a sale could value the company at 300 to 400 euros. Balmain's annual revenue is estimated to amount to 30 million euros.
Reps for Valentino and Balmain were not immediately available for comment.