News on ESCADA insolvency, take-over, Megha Mittal
10.03.2010
In November 2009 Megha Mittal became the new owner of the luxury companyEscada. We reported about the acquisition and now want to give a little
overview about what new aspects the insolvency and the takeover brought
into our campaigning.
About the person Megha Mittal: The 33 years old Megha Mittal is born in
Indian but now lives in Chelsea, London together with her husband Aditya
Mittal and her two children. Her father-in-law is Lakshmi Mittal, often
called the “richest Indian in the world”. As stated by several press
reports the acquisition wasn´t realized by Megha Mittal alone, but by
their family trust. This trust made millions of dollars through
investments in the steel industry. Megha Mittal studied architecture and
has worked for the investment-bank Goldman Sachs. According to her own
statements she stays in Munich very often now, to influence the business
management. Although her actual position is still unsettled, she intends
to play an active part in her new company. She already spoke about
various possible changes in the business policy of Escada: The
exploitation of so-called emerging markets including India, the creation
of a new fashion collection for men and a price cut at Escada. But
still, this company is going to stay in the higher price segment. Her
distinct aim is to make Escada the market leader.
In several press reports about the new face of Escada they lay special
interest on the social commitment of the Mittal family. They support a
children´s hospital in London with generous donations alongside other
social projects.
Unfortunately we can not report much about concrete changes at Escada or
about the future of the company. The date for the annual shareholders´
meeting is still open, long overdue financial reports weren´t published
by now.
As soon as there are changes to report about, you can inform yourself
about the most important news that are relevant for the campaign.