Earlier this year, it was rumoured that the Qatari investment firm was making moves to acquire the brand - with unidentified American and Chinese investors also reportedly showing interest - and today the advisor for the acquisition has confirmed the sale, reports The Guardian.
"After completing this transaction Mayhoola for Investments will hold 100 per cent of Balmain's capital," a statement by the merger and acquisitions company Bucephale Finance read.
French financial newspaper Les Echoes suggested that the luxury label offered €485 million for the fashion house, which is helmed by Olivier Rousteing and has garnered an impressive celebrity following in recent years. It counts the Kardashian and Jenner clan, the Hadid sisters and a host of well-known models amongst its famous fans, dubbed the "Balmain Army".
Ownership of the brand has been in question since its former CEO, Alain Hivelin, who is widely credited with the house's revival and was responsible for hiring current creative director Rousteing, passed away in December 2014. Since then, majority ownership has been held by a family holding company, represented by Hivelin's heirs, with members of Balmain's management board also possessing stakes.
Investment fund Mayhoola bought Italian label Valentino in July 2012 and announced earlier this year that its revenues for 2015 were more than $1 billion, up 48 per cent from 2014.