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.