Megha Mittal, the daughter-in-law of steel magnate Lakshmi Mittal, has purchased the bankrupt German fashion house, Escada. The iconic style brand was sold for an undisclosed sum, although the German press estimate the deal with was worth around 100 million Euros including the company's widely publicized debt.

Ms. Mittal beat out stiff competition from the M1 Group, Sven Ley, the son of Escada founder Wolfgang Ley, and St John Knits owner Vester Capital Partners. She made the purchase through a family trust rumored to be in the three-digit million range.

The 33-year-old Ms. Mittal is a mother of two with a degree in finance and a lifelong passion for fashion.

"Our first priority is to ensure that the great heritage of this iconic company is translated into a strong and successful future," she told The Economic Times in India.

It's expected that current CEO, Bruno Slazer, will retain his position during the transition. Ms. Mittal will act as a board member and ambassador for the Escada brand.

[Source: Luxist]
[Image Source: Colros/Flickr]

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