Swiss distribution group Maus Frères is set to increase its stake in French clothing brand Lacoste to over 90% following the decision by members of the Lacoste founding family to sell their shareholding.

At the end of last month, former chairman, Michel Lacoste and other family members sold a block of shares representing 30.3% of the brand to Maus Frères taking the latter's stake to 65.3%.

At a press conference held this morning (7 November) in Paris, Lacoste's recently-elected chairperson, Sophie Lacoste Dournel, announced that she and family members had decided to sell their 28% shareholding to Maus Frères.

"It's with great sadness that we announce these plans to relinquish our shareholding in the enterprise created by my grandfather," she said.

"But what is most important in our eyes, is the long-term picture and our responsibility is to guarantee the company's stability and ensure its serene and harmonious development. We think that Lacoste is in good hands with our long-standing partner, Maus Frères."