Wednesday, November 18, 2009

Mittal buys ESCADA

Daughter in-law of Lakshmi Mittal (CEO of largest steel company in world/eighth richest person in the world/richest person in the U.K.) has recently won the bidding war for ownership of ESCADA AG, German Luxury Fashion House, which claimed insolvency earlier this year. Megha Mittal has been interested in making a fashion investment for years, and even beat out Sean Ley- the son of ESCADA's founder Wolfgang Ley. CEO, Bruno Saelzer, and Megha are now looking forward to bringing out more affordable, ready-to-wear day wear.

Photo Credit: Zimbio

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