Megha Mittal to Buy Luxury Fashion House Escada


Megha Mittal will buy insolvent German luxury fashion house Escada for an undisclosed price, the company said on Thursday. All key assets of Escada's operating business as well as shares in its subsidiaries will be transferred to Mittal's trust, excluding those that serve as guarantor for the Escada bond, Reuters reported Escada, once one of the world's top fashion labels, filed for insolvency in August after years of diminishing sales took their toll and a broad restructuring plan failed to win approval from bondholders. Mittal won the bidding war for Escada against Sven Ley, son of Escada founder Wolfgang Ley. He said on Tuesday he had teamed up with the former head of Gucci, Giacomo Santucci, and Italian investment group Borletti to mount a rescue bid. Read more.