ESCADA reborn under the new ownership of the Mittal family
Former CEO of Hugo Boss and current CEO of ESCADA, Mr Bruno Salzer commented on his decision to joing ESCADA which he considers very inspired, considering the stability the new owner, the Indian steel billionaire family Mittal. The Mittal family paid EUR 60 million to buy ESCADA at the end of 2009 when the German luxury brand was facing bankruptcy. The injection of an extra EUR 30 million at the beginning of this year is already making positive advancements for Escada. Mr Salzer is positive about improving sales in Asia and estimated the company will return to profit as early as 2011.