Back in April, it was rumored that Valentino's parent company, the Qatari Mayhoola investment fund, was interested in acquiring Balmain. Yesterday, an advisor to the acquisition officially confirmed the purchase to French newspaper Les Echos, revealing the French fashion brand had been sold for an estimated $548 million.

"In recent years, Balmain's trajectory has been more than impressive. Under the leadership of Emmanuel Diemoz and creative direction of Olivier Rousteing, the historic house speaks to a new, younger and more savvy consumer, while never forgetting its heritage or the importance of true Parisian craftsmanship," a Mayhoola representative said in a statement to WWD.

Thanks to Olivier Rousteing, who was appointed creative director in 2011, the historic brand is in the midst of a digital revitalization, appealing to a younger demographic through its heavy Instagram presence and close-knit relationship with celebs such as the Kardashian/Jenners, Beyoncé, Rihanna and more. Undoubtedly, Rousteing's fresh energy and has appealed to investors, who hope to expand sales and revenue as the house continues to grow.

Back in 2012, Valentino was similarly acquired by Mayhoola and has since reached its goal of $1 billion in sales, reports Les Echos. It looks like Balmain won't be too far behind.

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