Escada has been saved after Megha Mittal bought the insolvent Germany company for an undisclosed sum.
Mittal is the daughter-in-law of billionaire Lakshmi Mittal, chief executive of steel company ArcelorMittal. She outbid Sven Ley, the son of Escada's son Wolfgang Ley to take over the luxury company, and will retain Escada CEO Bruno Saelzer.
Apparently Mittal has been looking to make a fashion investment for some time and has previously expressed an interest in Gianfranco Ferre. Escada filed for bankruptcy earlier this year.
[Image: PicApp]
