Luxury goods group Kering has reportedly identified 700 possible job cuts at its online and catalogue business La Redoute.
The new comes just a week after it was reported by Reuters that Kering was ready to put €300 million into La Redoute to attract a buyer for the business, which it has been trying to sell for at least a year.
The injection of cash and redundancy programme is likely to help attract restructuring firms and OpCapita, which was behind the failed turnaround of Comet, HIG Capital and real estate company Altarea Cogadim have all been linked to a possible buy-out.
La Redoute employs 2,500 people and is the largest mail order business in France.
Sources told FashionUnited.co.uk that Kering was prepared to 'put some money on the table' to help restructure La Redoute. The site quoted a union source providing information about the job cuts. It also said Kering has received three informal offers but no official bid.
The firm owns several other brands such as Vertbaudet and trades through UK websites. It is unprofitable and Kering is selling the business alongside stablemate, French music chain Fnac, at it seeks to focus purely on luxury goods and sportswear.
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