PARIS, France — France's Galeries Lafayette on Friday 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.

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

Mauboussin, which has 75 stores in France and abroad, annual sales of €80 million and an EBITDA margin of 10 percent, is 85 percent held by Swiss businessman Dominique Fremont. He had indicated he wanted to sell.

Nemarq, who has been chairman of Mauboussin since 2002 and led its transformation into one of France’s leading high street jewellers, will continue to run the company.

Founded in the late 1880s, Galeries Lafayette has 61 stores in France and abroad, including the flagship store on Boulevard Haussmann in Paris. It also owns the BHV-Marais store, the Royal Quartz and Louis Pion watch chains, online and catalogue order La Redoute and online private sales player BazarChic.

The deal must be cleared by the French Competition Authority.

By Dominique Vidalon, Pascale Denis; editor: Richard Lough.