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.
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