Megha Mittal Buys Escada, Moving Into Luxury Goods

Posted by Patrick on Sunday, November 8th, 2009 at at 8:48 am.
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India’s billionaire steelmaking Mittal family ventured into luxury goods as Megha Mittal, the 33-year-old daughter-in-law of steel magnate Lakshmi, agreed to buy Germany’s insolvent Escada AG. The Mittal family trust is buying Escada’s main business, brand rights, production facilities and distribution network, the Munich-based company said late yesterday, without disclosing the purchase price. The sale will probably be complete by the end of this year, according to Escada spokesman Frank Elsner. – from Bloomberg

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Tags: Escada · Megha Mittal