French department store group Galeries Lafayette has announced that Guérin is set to disappear, to the advantage of Mauboussin - which was bought by the group last summer.

19 Guérin stores and retail corners are set to become Mauboussin, and another 15 are said to be slated for closure. Finally, three stores, with about 30 employees, are going to be sold, 163 employees will be offered alternative employment.

The group's senior management said that “the new premium brand strategy introduced for Guérin Joaillerie unfortunately didn’t produce the results expected. Despite all our efforts to grow the brand and its revenue, from introducing a more upmarket product range to lease renegotiations, revenue has continued to decline.”