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German fashion Escada was acquired by Megha Mittal
Since August this year, the renowned German fashion house Escada AG has filed for bankruptcy protection due to a severe lack of funding. Based in Munich, Escada was once a leading luxury brand known for its high-end women's clothing and accessories. However, in recent years, the company has faced a steady decline in sales and profits. In an attempt to reduce its debt and improve liquidity, Escada launched a debt restructuring program, but it failed to gain support from creditors.
According to reports from *Le Monde*, frequent changes in management and strategic missteps have led to a significant drop in performance, placing Escada among the lower-tier luxury brands. The global economic crisis also hit hard, especially in key markets like the United States and Russia, where sales fell by 24% year-on-year in the first half of 2009. In fiscal year 2008, the company reported sales of €528 million and a net loss of €70 million. By April of this year, the company had already recorded a loss of €92 million.
With 182 stores and 225 franchise locations across more than 60 countries, Escada employed around 2,300 people worldwide. A spokesperson for the brand stated that Escada would not disappear after filing for bankruptcy. Despite the legal move, the brand remains a well-known name in the fashion world, and its owners are actively seeking new investors.
On November 5, 2009, Escada officially filed for bankruptcy protection. In a statement, the company announced that it would sell its operations—including employees, brand ownership, manufacturing units, and sales networks—to Megha Mittal, the daughter of Indian steel magnate Lakshmi Mittal. The bankruptcy administrator signed a sales contract on behalf of Megha Mittal through the Mittal Family Trust. However, no financial details of the deal have been disclosed yet.
Escada’s decision to file for bankruptcy protection came after it failed to extend the period for repaying its debts. While the situation is serious, the brand still holds value, and with new ownership, there may be a chance for a revival.