Kering Group Subsidiary Will Lay Off 700 People

< p > French luxury magnate KeringSA (KER.PA), a subsidiary of the Kai Yun group and a retail group Redcats, a mail order clothing retailer, Redcats, intends to lay off 700 people, accounting for 1/3 of its 2500 employees in France.

The layoffs are part of KeringSA (KER.PA)'s restructuring and sale of LaRedoute.

< /p >

Prior to P, KeringSA (KER.PA) Kai Yun group has injected capital into LaRedoute at least 300 million euros to recapitalise it. It is hoped that the loss of 25 million euros in LaRedoute so far this year will attract buyers.

< /p >

< p > the source told Reuters that three potential buyers have obtained LaRedoute data from KeringSA (KER.PA) Kai Yun group, which is half less than the six we reported in July, and the KeringSA (KER.PA) Kai Yun group has not yet received a firm offer.

These buyers may be private investment firm HIGCapitalLLC, OpCapitaLLP and French real estate developer AltareaCogedim.

< /p >

< p > > a href= "http://www.91se91.com/news/index_c.asp" > Kering < /a > SA (KER.PA) Kai Yun group had predicted that the sale of LaRedoute could be completed before the end of this year, while Group CEO Francois-HenriPinault said she did not expect to sell at a high price.

< /p >

< p > KeringSA (KER.PA) Kai Yun group has planned to split up the Redcats since 2010, and began selling business from the end of last year. First, it sold us $a href= http://www.91se91.com/news/index_c.asp, outdoors equipment < /a > a href= "HTTP HTTP" > clothing company "Redcats" and "online golf retailer", and then sold the big code clothing brand to the private equity fund, the price of 525 million yuan.

< /p >

< p > in early January of this year, the group sold Redcats's children's clothing and household department's Cyrillus and Vertbaudet catalogue mail order business, and took over Luxemburg's private equity fund AlphaPrivateEquityFund6, priced at 119 million euros, with a contract of 157 million 500 thousand dollars.

At the end of February, NordicCapital, a private equity firm in Sweden, spent $364 million to acquire Redcats's two Nordic home textiles and apparel brands, Ellos and Jortex.

< /p >

< p > so far, Redcats has been selling business for KeringSA (KER.PA). The group has brought more than $1 billion 200 million in revenue.

LaRedoute is the last business of Redcats. After leaving the retailer, KeringSA (KER.PA) Kai Yun group will end the process of splitting retail business starting from the sale of Printemps Paris spring department store in 2006 to complete the pformation to luxury goods and lifestyle groups.

< /p >