French clothing retailer, Groupe Armand Thiery, is to acquire a 70% stake in high street counterpart Jacqueline Riu, subject to regulatory approval.

With more than 200 outlets in France and abroad, Jacqueline Riu specialises in garments, shoes and accessories for women aged 40-50.

Founded in the 1970s by Michel et Jacqueline Riu, the company has an annual turnover of around EUR120m (US$159.3m).

In a statement, Edmond de Rothschild Corporate Finance, which advised the Riu family on the sale, said the merger "would create a major player in off-the-peg fashionwear in France."

Groupe Armand Thiery has a network of more than 500 stores in France and Belgium marketing both men's and women's wear and an annual turnover of EUR430m.

Its retail brands include Armand Thiery Homme et Femme, Toscane and Edji.