Escada Sold
Fashion news, Shoes-clothes.biz, 6 nov. 2009AFTER what seems like years of negotiations and fears for its survival, German luxury label Escada has been rescued by one of the world's wealthiest families. Megha Mittal, daughter-in-law of steel magnate Lakshmi Mittal, has purchased the brand for an undisclosed sum, beating rivals including the son of the Escada founder to take control of the label."Today the insolvency administrator of Escada signed a sale and transfer agreement with one of the Mittal Family Trusts," an Escada spokesperson told Drapers Online. "The board of management and the new investor have agreed to cooperate on the basis of the business strategy launched in mid-2008 securing continuity of the operative business."
The company sought protection from its creditors earlier this year when it failed to meet approval from bond holders on a proposed restructuring plan.
Source: Escada Sold