Galeries Lafayette announced its intention to acquire fashion and homeware e-business La Redoute, as the upmarket French department store chain seeks to accelerate its digital transformation. Upon completion of the transaction, the size of which was not disclosed, Galeries Lafayette would hold 51 per cent of La Redoute through its holding company Motier, with the aim of owning 100 per cent in the future.

Family-run private group Galeries Lafayette, which employs 14,000 people in France, recorded retail sales of €3.8bn last year. Meanwhile La Redoute recorded €750m revenues in 2016. Internet sales represent 85 per cent of La Redoute's sales in France, and laredoute.fr claims to have more than 9m unique visitors each month.

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