Qatari-owned Valentino offers $569 million for Pierre Balmain

Italian fashion house Valentino, owned by Qatar's Mayhoola for Investments, has offered 500 million euros (400.42 million pounds) to buy Pierre Balmain, French newspaper Les Echos reported Sunday, citing sources.

The French fashion house, led by artistic director Olivier Rousteing, has also received offers from a Chinese group and an American investor, Les Echos said, without providing names.

The heirs of Pierre Balmain's founder, Alain Hivelin, have until Thursday to decide whether to accept one of the three offers, according to Les Echos.

Valentino and Pierre Balmain were not immediately available for comment.