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Founder's Son Loses Bid on Escada to Mittal Family

Founder's Son Loses Bid on Escada to Mittal Family

>> Billionaire Lakshmi Mittal's 33-year-old daughter-in-law Megha Mittal, who has been looking to make an investment in the fashion industry for the past year and previously expressed interest in Gianfranco Ferre, will acquire Escada for an undisclosed price.  Mittal won the bidding war against Sven Ley, son of Escada founder Wolfgang Ley.

The management board and the new investor "have agreed to cooperate on the basis of the business strategy launched in mid-2008 securing continuity of the operative business," according to a statement released; the previous board of management will stay intact.  Mittal supports Escada CEO Bruno Saelzer's intentions to turn Escada from the eveningwear legacy of its heyday into more affordable daywear.

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