Escada faces continued challenges
German luxury womenswear group Escada experienced a brief revival as it welcomed its new investor Megha Mittal, daughter of Indian steel magnate Lakshmi Mittal almost 4 years ago, however, the company, has since, been facing severe issues on an executive level.
Escada’s latest CEO Glenn McMahon stepped down in July after seven months of tenure, following the resignation of former CEO Bruno Sälzer last year. McMahon, who was appointed at Escada after an unusually long wait, was expected to revitalize the label that is best known for its evening dresses. The German group is currently held by CFO Jörg Wahlers, who has only worked at the company since last year.