Luxury German label Escada has been saved by one of the world's most wealthiest families.
Megha Mittal, who is daughter-in law to steel magnate Lakshmi Mittal, has has purchased the brand for an undisclosed sum after the company failed to meet approval from bond holders on a proposed restructuring plan.
She beat even the Escada founders' own son to secure the prestigious company after years of negotiations.
"Today the insolvency administrator of Escada signed a sale and transfer agreement with one of the Mittal Family Trusts," an Escada spokesperson told Drapers Online.
"The board of management and the new investor have agreed to cooperate on the basis of the business strategy launched in mid-2008 securing continuity of the operative business."
SOURCE: Vogue.com
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