- Marjorie van Elven
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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
