Insolvent German brand Escada has finally been purchased by a family company – the Mittals.
In a statement, Megna Mittal said, “Our first priority is to ensure that the great heritage of this iconic company is translated into a strong and successful future. Despite recent difficulties, Escada has the potential to redefine its place in the world of luxury brands and become synonymous with fine quality and elegance.”
According to WWD Fashion, Escada’s current C.E.O, Bruno Sälzer, will remain at the helm of the company.
We’ve been following the Escada insolvency since day one. Click here for our detailed report on August 13.