Megha Mittal, daughter-in-law of steel magnate Lakshimi Mittal, will buy insolvent fashion house Escada. The amount has been kept private, but Mittal confirmed that her bid was accepted, according to the Press Trust of India.
"Our first priority is to ensure that the great heritage of this iconic company is translated into a strong and successful future," she said.
Escada is a luxury brand with 182 "own" and 225 franchise shops in more than 60 countries. In August, they filed insolvency, citing declining sales.
"Despite recent difficulties, Escada has the potential to re-define its place in the world of luxury brands and become synonymous with fine quality and elegance," Mittal told the Press Trust of India.
Comments