Mayhoola for Investments has announced that it has acquired a 100% ownership of French fashion label Balmain. The Qatar-based investment fund is already the owner of the Italian brand Valentino.

Sources revealed the Qataris offered 485 million euros for the 70 percent held by the heirs of the former CEO Alain Hivelin who died in December 2014, and 30 percent held by management.

Mayhoola, an investment vehicle supported by the emir of Qatar, “will allow the (Balmain) brand to speed up its development, especially with the opening of new boutiques abroad,” revealed Bucephale Finance, advisors to Mayhoola in the acquisition. Balmain currently has only eight boutiques around the world, including one in New York since April, and will look to follow the same expansion plans as Valentino in the Middle East and the United States,