Balmain receives EUR 500m pre-emptive offer from Valentino owners; two other bidders also interested
Pierre Balmain, the French fashion house controlled by the heiresses of Alain Hivelin, is understood to have received pre-emptive offers from three potential buyers, French daily Les Echos reported.
The report, which did not reveal its source of information, said that the Qatari state-owned agency, which owns Italian fashion house Valentino, is believed to have made an offer valuing the target at EUR 500m; Two other pre-emptive offers have also been made, one by a financial investor from the USA and another by a Chinese group.
According to the report, the offer from Qatar is believed to be in pole position. The report noted that the auction for Balmain, which has yet to be launched, was expected to fetch between EUR 300m and EUR 400m originally.
Balmain generates annual revenues of EUR 120m.
Les Echos