Escada Sold to Megha Mittal DESIGNER, MAIN 11.11.09Written By Ben

On the bidding race for escada, 33 year old Megha Mittal acquired Escada last week. Mittal’s offer beat out an offer that Sean Ley, the son of Escada’s founder, had offered.

Through the acquisition, Mittal will keep CEO Bruno Saelzer. Currently Saelzers goal is to make the label more accessible through more affordable prices. Megha Mittal is the daughter-in-law of Lakshmi Mittal, who is currently the richest person in the U.K. and owner of ArcelorMittal, the largest steel company in the world.

Source: Reuters