Although saved from bankruptcy, Escada’s future remains uncertain
Megha Mittal, daughter in law of steel billionaire Lakshmi Mittal has won the bid to take over the insolvent German luxury brand ESCADA. The transaction was done through a family fund based in London and controlled by the Mittal family. Megha Mittal has confirmed there was no immediate pressure for a return on investment.
Escada’s troubles began well before the economic crisis, especially because of failing to adapt its creative direction to nowadays trends and consumer needs. Its entire retail network as well as its store concept also need to be radically changed. It looks like mission impossible for the management team headed by Bruno Salzer, during the current very turbulent times.