Megha Mittel saves Escada - protests go as strong as ever
11.11.2009For months people speculated about how the future of Escada will look like.
The company filed for insolvency in August 2009 after major economical
difficulties. Since then the management and the insolvency practitioner
were looking for financially strong supporters and finally found them in
Middle of November the steel trust “Mittal”, worth billions of dollars,
took over the German corporation. The 33 years old Megha Mittal,
daughter-in-law of the steel company´s founder Lakshmi Mittal, was
mainly involved in the dealing process.
Within this acquisition, the entire business of Escada is handed over to
the Indian trust. This includes the employees, the trademark rights, the
production plants and the sales department. At the moment it is not
quite clear how exactly the business policy will change. The management
around Bruno Sälzer is said to stay, but this would also mean the
selling of fur will stay.
Also Megha Mittal is supposed to take on an influential post in the company.
One can assume that in the next weeks and months there will be more
wide-ranging decisions made on Escada and there business strategy. Let
us ensure that the management as well as the new owners have to keep the
topic “fur” on their agenda. There will be only one way out of the
crisis: Stop using real fur products! So, take part in the protests,
organize demonstrations, demand for an end to the fur-trade at Escada
with your own means!
Global Network Against the Fur Industry