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Galeries Lafayette to buy La Redoute

French luxury department store Galeries Lafayette has outlined plans to acquire a majority stake in fashion and homeware etailer La Redoute.

Galeries Lafayette holding company Motier plans to purchase a 51% stake in La Redoute for an undisclosed sum, and aims to own 100% in future.

La Redoute co-chairs Nathalie Balla and Eric Courteille will continue to run the company.

Philippe Houzé, executive board chairman of Galeries Lafayette group, said: “While the fashion and retail industries face unprecedented global change, the complementary positioning and expertise of La Redoute and Galeries Lafayette - the Group’s flagship brand - would establish us as a leading physical and digital retailer specialised in fashion and home furnishings, with French roots and international outreach.”

Galeries Lafayette, which employs 14,000 people in France, reported retail sales of €3.8bn (£3.5bn) last year.

La Redoute, which posted revenue of €750m (£691m) in 2016, said it has more than 9m unique visitors each month.

The deal is expected to close “in the next few months”. It is awaiting approval from La Redoute’s employee representative bodies and regulatory authorities.

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