USINFO | 2013-08-07 16:27


Escada is an international luxury fashion group in women's designer clothing. The company has a presence in about 60 different countries. Its main sales markets are North America, western and eastern Europe, and Asia. It filed bankruptcy in August 2009, and was acquired by Megha Mittal in November 2009.

Escada was founded in 1978 by Margaretha and Wolfgang Ley in Munich, Germany. The company soon stood out, with its distinctive creations featuring unusual combinations of colors and patterns, exclusive embroidery, and elaborately designed knitted fashions. Escada saw a rapid upswing and continually extended its collections and its creative work.

In the course of its international expansion, Escada SE went public in 1986. In 1994 the company launched the Escada Sport label, established its own accessories collection including bags and shoes and granted major licenses, collaborating with such partners as Procter & Gamble.

In 2007 the artist Stefan Szczesny created a new Escada collection in Saint-Tropez, France. Since July 2008, Bruno Sälzer is the acting CEO with responsibilities for design, marketing, and sales. On August 11, 2009, Escada filed insolvency, as an exchange offer for the outstanding bonds of €200 million was not accepted by the necessary 80% of all bond holders.

In November 2009 it was acquired by India's London-based billionaire Lakshmi Mittal, whose daughter-in-law, Megha Mittal, is the owner and Director of the Board. She is married to Aditya Mittal.

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