Balmain (French: [balmɛ̃]) is a French luxury fashion house that was founded by Pierre Balmain in 1946. In 2016 Mayhoola Investments, an investment fund backed by the emir of Qatar, acquired Balmain for a figure reported as close to €500 million ($548 million). Balmain was 70 percent controlled by heirs of Alain Hivelin Balmain does not regularly release financial information, but Les Echos estimated its revenue in 2015 at €120 million (about $136 million), growing from an estimated €30 million (about $34 million) in 2012.Balmain expected to reach a revenue of €150 million in 2017, 90% of which is generated by the wholesale channel, and is also putting more effort into direct retail. It currently operates 16 monobrand stores, including the one recently inaugurated in Los Angeles, and plans to open another thirty or so in the next 4 to 5 years. Next on the list are notably a store in Milan's via Montenapoleone in April 2018 and another in Miami the following November.