Upload Colorway https://wordpress.org/themes/colorway
Create as explain above your original homepage (i.e in english) and another (i.e in french) which will be its translation: Pages > All pages.
After that go in Setting > Reading:
"Front page displays" => check "A static page (select below)"
Dropdown "Front page:" select your static frontpage.
I suggest you read this to translate your pages: http://polylang.wordpress.com/documentation/setting-up-a-wordpress-multilingual-site-with-polylang/translating-posts-or-pages/