France's Galeries Lafayette announced it was joining forces with Mauboussin chairman Alain Nemarq to buy a majority stake in the jeweller, as the upmarket department store strengthens its roster of premium but affordable jewellery.

Mauboussin, with €80 million of annual sales, is 85 percent held by Swiss businessman Dominique Fremont who indicated he wanted to sell.

Alain Nemarq has been chairman of Mauboussin since 2002 and will continue to run the company.

The deal, whose financial terms were not disclosed, follows Galeries Lafayette's 2012 acquisition of French jeweller Guerin.

press release: Galeries Lafayette buys majority stake in jeweller Mauboussin