Escada may have filed for bankruptcy, but don’t count the European brand out just yet. Investors are rallying to save the iconic fashion label, despite insolvency proceedings opening on Sunday.
The leading prospect according to the New York Post is the Beirut-based M1 Group. The company purchased Faconnable from Nordstrom in 2007, and Escada’s similar upscale target market would make it the ideal sister brand.
The M1 Group reportedly hoped to combine the back-end operations of the two fashion brands into a single, fashion empire behind the scenes. Meanwhile the creative image of both bands would remain separate, capitalizing on their already strong fan bases.
But the M1 Group aren’t the only heavy-hitters in the mix. Megha Mittal, the daughter-in-law of Indian steel magnate Lakshmi Mittal, and Sven Ley, the son of Escada founder Wolfgang Ley, and St John Knits owner Vester Capital Partners have all expressed interest in the brand.
A decision on Escada’s insolvency proceedings could be forthcoming within the next few days. Whoever takes the reins, I hope they help Escada rise from the proverbial ashes to live another day!
[Source: Luxist]
[Image Source: Brian Taipei/Flickr]
