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German fashion Escada was acquired by Megha Mittal
Since August this year, the German fashion house Escada AG has filed for bankruptcy protection due to its inability to secure enough funding. The Munich-based luxury brand, known for its women's wear and accessories, once stood among the top names in the global fashion industry. However, in recent years, the company has faced a steady decline in sales and profits. In an attempt to reduce debt and gain liquidity, Escada launched a debt restructuring program, but it failed to gain support from creditors.
According to reports from *Le Monde*, frequent changes in leadership and strategic missteps have led to a drop in performance, placing Escada among the lower-tier luxury brands. The global economic crisis further hit its key markets like the U.S. and Russia, leading to a 24% year-over-year sales drop in the first half of this year. In fiscal year 2008, the company reported revenue of 528 million euros with a net loss of 70 million euros. By April of this year, the company had already lost 92 million euros.
Escada operates 182 stores and 225 franchise locations across more than 60 countries, employing around 2,300 people worldwide. A spokesperson for the brand stated that Escada would not disappear after filing for bankruptcy, emphasizing that such a major international label would not vanish entirely. The company’s principals are actively seeking new investors following the bankruptcy filing.
On November 5, 2009, Escada announced that it had entered bankruptcy protection. In a statement, the company revealed that it would sell its assets to Megha Mittal, the daughter of Indian steel magnate Lakshmi Mittal. The bankruptcy administrator signed a sales agreement on behalf of Megha Mittal through the Mittal Family Trust, covering all operations, including employees, brand ownership, manufacturing units, and sales networks. However, no financial details were disclosed at the time.
The company had initially filed for bankruptcy protection in early August after failing to extend its debt repayment period. Despite the setback, Escada remains a recognizable name in the fashion world, and its future under new ownership is being closely watched.