FRANCE: 'New' La Redoute looks to "break-even" in 2017
Loss-making French mail order firm La Redoute is aiming to move out of the red in 2017, according to new owners Nathalie Balla and Eric Courteille.
The two Kering senior managers are poised to acquire La Redoute for the token sum of EUR1 (US$1.38).
They will own 51% of the new company, with the remaining 49% offered to 50 key managers and remaining workers through the creation of a mutual fund.
La Redoute aims to break-even in 2017, as it emerges as "an e-commerce market leader in the fashion and home furnishings segments for women over 30," Nathalie Balla, said during a press briefing in Paris yesterday (16 April).
1,350 jobs are to be axed over four years, with Kering contributing EUR200m to a severance payments scheme as well as EUR315m towards restructuring measures and operating costs.
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