This morning the news broke that Megha Mittal, daughter-in-law of Billionaire CEO Lakshmi Mittal, won the bidding war for Escada yesterday. After a long and arduous bidding battle, Mittal successfully beat out an offer by Sean Ley, the son of Escada's founders. Mittal will buy the fashion house for an undisclosed sum, and has promised to keep CEO Bruno Saelzer onboard. Ley's team had planned to install a new CEO, Giacomo Santucci, the former head of Gucci. But Mitall fully believes in Saelzer's plan of turning Escada into an affordable luxury label with more day wear pieces, rather than relying solely on expensive red-carpet gowns.
Mittal's financial venture may seem impulsive, but the sale is actually pretty small potatoes considering who her family is. Father-in-law Lakshmi is the chief executive of ArcelorMittal, the largest steel company in the world. This clocks him in as the eighth richest person in the world, and easily the richest person in the UK, where most of the family lives. Megha had reportedly been looking to make a fashion-based purchase for the past year, expressing interest in the house of Gianfranco Ferre as well. So where was she for Christian Lacroix?! According to Reuters, the 33 year old will take a supervisory board seat and is keen to begin for the house's upcoming operations.
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Article Source: Reuters
Photo Source: NY Mag