Megha Mittal Is Escada's New Owner
If you had asked me earlier this week which suitor I thought would claim Escada as their own I would have guessed M1 Group, the owner of Faconnable. But the new owner of the German fashion house is actually Megha Mittal, daughter-in-law of steel billionaire Lakshmi Mittal. Mittal purchased the brand for an undisclosed sum.Mittal beat out a bunch of fashion insiders including the former head of Gucci and persuaded the German insolvency administrator that she would be the best steward of the brand. She bought Escada through a family trust said to be in in the three-digit million range. The German press has estimated that the deal is worth around 100 million Euros including the debt.
Ms. Mittal is 33 years old and has had a lifelong love of fashion. She is married to Aditya Mittal and has two daughters. She has a degree from Wharton Business School in finance. The Economic Times in India quotes her as saying that her first priority is to preserve the heritage of Escada and help it achieve a successful future. Mittal's success is also good news for current CEO Bruno Salzer who will likely stay in place during the transition and has wanted to move the brand toward more affordable careerwear and everyday fashion and away from red carpet and couture gowns. Mittal will serve as a board member and brand ambassador for the fashion house.
Charlie Sheen Gets Back To His Roots
The List #0147: Escape a Car Underwater
WHOOPS! Obama Makes Big Gaffe
Visit the Maldive Islands Before It's Too Late
Reptiles Make Home in UK Man's Cable Box
Mariah Carey Curses And Busts Out Of Dress On Live TV
Springtime Budget-Busters -- Savings Experiment
Distraught Mom Becomes Face of Oklahoma Storm
Killed Soldier In London Attack Identified
Is This Woman Too Pretty To Work?
Mariah Carey Suffers Wardrobe Malfunction on Good Morning America
What It's Like To Talk To A 2-Year-Old
The Story Behind Hairspray
Amanda Bynes Arrested, Undergoes Psychiatric Evaluation--See the Shocking Mugshot!
Luke Wilson Caught Staring At Fan's Chest
Carrie Underwood Donates $1 Million to Oklahoma Tornado Victims
Rapper Accused Of Faking His Own Death To Escape Payments
Danny Tanner Is Fighting With Topanga
Best Friends Reportedly Die Holding Each Other In Tornado
New Trayvon Martin Evidence Features Incriminating Photos, Texts From Teen
Jury Foreman: '18 Days Of Testimony Hurt' Jodi Arias
Teenager's 'Awww'-Inspiring Drawing Wins Big At Google
Brave Woman Stood Down Armed London Attackers
WATCH: Police Force Shows Up To Support 5-Year-Old Who Lost Her Dad
Janet Jackson Joins The Billionaires' Club
Jodi Arias Jury DEADLOCKED
Woman Pictured 'Praying For & Comforting' Dying Victim
Bridge Collapses In Washington State
Helen Flanagan Launches PETA Campaign As Only She Knows How
LISTEN: Terror Inside Elementary School As Tornado Hits
Mum-Of-Two Faces Down Woolwich Attack Suspects
Woolwich Attack Victim Named As Lee Rigby