By  on July 12, 2019

PARIS — Department stores around the world may be in retrenchment mode, but Galeries Lafayette is bucking the trend and on Friday revealed plans to purchase a majority stake in French jeweler Mauboussin.

With the purchase of the historical Place Vendôme jeweler, the family-owned group deepens its foothold in accessible luxury jewelry, a traditional department store draw. Mauboussin, which was founded in 1827, is known for upending norms in France by advertising reduced prices for its diamond rings and necklaces — often upward of $1,000.

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