Balmain Fashion Models
Models present creations by French designer Olivier Rousteing as part of his Fall/Winter 2012-2013 women's ready-to-wear fashion collection for fashion house Balmain during Paris fashion week March 1, 2012. REUTERS/Benoit Tessier

Couture fashion house Balmain could have a new owner by the end of the week, with several reports from French media noting offers to acquire the Olivier Rousteing-led label are already on the table.

The brand, originally founded by fashion designer Pierre Balmain in 1914 and said to earn an annual revenue of €30 million, saw a new rise to prominence after Rousteing was appointed as creative director by late owner Alain Hivelin. Rousteing reignited interest in the brand with his celebrity ambassadors including Kendall Jenner and Gigi Hadid, as well as his own social media following -- he was the first designer to reach one million instagram followers.

OLI & GIGI #paris

A photo posted by OLIVIER R. (@olivier_rousteing) on

However, it was announced in February this year that Hivelin’s heirs, who were left a 30 percent share in the company, were seeking new owners for the fashion house. Possible reasons for relinquishing control of the brand include an expansion of the business, and continuing to keep the House of Balmain at the forefront of the fashion industry.

In turn this would ensure Alain Hivelin’s dying wish is achieved: that the brand remain in the luxury market.

According to French newspaper Les Echos, fellow fashion house Valentino, which is owned by the Qatari royal family is most likely to become Balmain’s new owner, even though a Chinese group and American investor have both put forth offers to acquire the popular fashion brand.

Valentino has reportedly made an offer of €500 million (AU$749 million), although this cannot be verified, with Balmain and Valentino as of yet refraining from addressing the rumours.

However it is believed Balmain will reach a decision on Thursday about whether it accepts any of the offers made.