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LONDON, United Kingdom — The heirs of Alain Hivelin, the late chairman and majority owner of Balmain who died in 2014, have decided to give up control of the brand, French newspaper Les Echos reported Thursday.
According to Les Echos, the family has given a sale mandate to Bucéphale Finance, an investment bank, and a sale could value the company at €300 to €400 million. Relatives of the family, who hold the remaining 30 percent stake in the company, should also sell their shares in the event of a sale. French, British and Asian investors have reportedly expressed interest.
Since 2011, when Hivelin appointed Olivier Rousteing as creative director, the historic fashion house — which was founded by eponymous designer Pierre Balmain in 1945 — has risen to prominence, in part, through its social media presence and connections to high-profile celebrities such as the Kardashians. In November, Balmain's clothing collaboration with H&M caused a frenzy at H&M stores, where it sold out after shoppers queued up in the early hours of the morning on the day of its release. According to market sources, Balmain's annual revenue is approximately €30 million.
