Managers at Kering's loss making La Redoute mail order unit have reportedly made a joint offer to takeover the business from the French multinational holding company. La Redoute is part of Kering's mail order business Redcats.

Reuters, citing a report by Challenges magazine, said that La Redoute chief executive Nathalie Balla and Redcats finance chief Eric Courteille expressed interest in the loss making unit.

The offer followed earlier bids from private equity firms HIG Capital and OpCapita and real estate group Altarea Cogedium, the report said.

According to Reuters, a Kering spokesman confirmed an announcement that the La Redoute sale is expected before Christmas. However, he declined to comment on the process or possible bidders.

The report said that Kering has injected over EUR400 million (USD542 million) into La Redoute since 2008. It would be ready to inject at least another EUR300 million in order to cover its losses for a few years more and finance La Redoute's restructuring.

Kering is seeking to complete its transformation into a luxury and sports brand group, Reuters said. Kering owns luxury brand Gucci and sports apparel Puma, its website said.