Galeries Lafayette acquires majority stake in Mauboussin

French retail group Galeries Lafayette has joined forces with Mauboussin’s Chairman Alain Némarq to acquire the watch and jewelry brand for an undisclosed amount. The move signals Galeries Lafayette’s intention to grow in this segment, as the transaction is announced four months after the opening of a new department store at Champs Elysées featuring a large jewelry section. Galeries Lafayette also owns the jewelry label Guerín Joaillerie and the watch labels Louis Pion and Galeries Lafayette-Royal Quartz.

Némarq, who was supported in the transaction by Mirabaud Asset Management, will continue to run the company, working in close collaboration with Galeries Lafayette. The french retail group said in a statement that the transaction will mark a new phase in Mauboussin’s expansion. Némarq joined Mauboussin in 2012, leading the brand’s repositioning as a more affordable jewelry house.

Mauboussin was founded in 1827 and currently employs 200 people worldwide. Its products are sold in 75 stores in France, 20 stores overseas and over 200 multi-brand retail clients worldwide. The company generates nearly 80 million euros (approximately 90 million US dollars or 72 million pounds) in sales annually.

The transaction is still pending approval by the French Competition Authority.

Picture: Mauboussin Facebook