The German company’s ready-to-wear Escada, in bankruptcy, will be sold to Mittal Megha, step-daughter of Indian tycoon Lakshmi Mittal Steel announced Group Thursday, November 5 in a statement.
The administrator of the group on Thursday signed a sales contract with Mittal Family Trusts, which represents the interests of Megha Mittal, said Escada.
The transaction involves the operational activities of the group, including its employees, the rights to the brand globally, the production units and sales network, “he added.
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No financial details were disclosed.
Escada, which employs 2,300 people worldwide, had been forced to file for bankruptcy in mid-August, after the failure of a report due to its debts.
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Tags: Escada, Lakshmi Mittal Steel, Megha Mittal