For years now, Escada has been struggling with dwindling sales, and a failed restructuring plan, which led them to file for bankruptcy in August. The company was then put on the auction block, and was purchased by the 33 year old Megha Mittal who is the daughter in law of Lakshmi Mittal, head of ArcelorMittal, which is the largest steel company in the world. She beat out the son of Escada founder, Sean Ley, who would have replaced current head of Escada, Bruno Saelzar with ex-Gucci director, Giacomo Santucci. Meghal keeps Saelzar on board to turn the brand into an affordable luxury brand *(sounds like an oxymoron if you ask me) instead of concentrating on their super expensive evening dresses.

pic and info: Reuters

Tags: Escada, Megha Mittal