Escada Should Have A New Owner by Week's End

by POPSUGAR Fashion News 0

>> Escada, which has floundered in recent years and ultimately filed for bankruptcy in August, is expected to have a new owner by the end of this week, sources told Reuters today.  Three bidders are in the running — among the most serious are Sven Ley, son of Escada founder Wolfgang Ley, who teamed up with former Gucci head Giacomo Santucci and Italian investment group Borletti (which also recently made a bid on Christian Lacroix) and Megha Mittal, daughter-in-law of billionaire Lakshmi Mittal.

If Ley's group wins out, they plan to replace current Escada CEO Bruno Saelzer with Santucci, whereas Mittal supports Saelzer's approach of turning the brand away from its evening gown legacy and repositioning it in affordable luxury.