The board of French outdoor clothing and equipment firm Lafuma has approved the takeover offer from Swiss group Calida tabled last month.

Calida, which owns high-end lingerie label Aubade, already holds a stake of just over 15% in Lafuma.

The offer makes provision for Calida to raise its stake in Lafuma to 50.6% with an investment of EUR35m (US$47m) in the firm through an increase in the latter's capital.

A second capital increase of EUR10m will see Calida take full control of Lafuma.

"The board [of Lafuma] had followed the recommendation of its strategic committee in recognising that the offer, submitted in the currently difficult financial context, would strengthen the firm's equity, deemed necessary to turning it round," Lafuma said in a statement.

Lafuma group sales for the 12-months to end-September totalled EUR193.6m, down 22.2% on the same period a year earlier. On a like-for-like basis, sales were down 12.3%.

In June this year, just-style reported that Lafuma was cutting 161 posts in France amid a first-half net loss of EUR60m.