Megha Mittal, daughter-in-law of India-born billionaire Lakshmi Mittal, buys Escada- European Luxury Fashion House.
Escada, an international fashion group for women’s apparel and accessories has 182 own and 225 franchise shops in more than 60 countries. Earlier, in August the iconic fashion house filed for insolvency after declining sales had a negative impact on the balance sheet of the company. “Despite recent difficulties, Escada has the potential to re-define its place in the world of luxury brands and become synonymous with fine quality and elegance,” said Mittal.