Megha Mittal, daughter-in-law of the steel tycoon Lakshmi Mittal, has bought the insolvent German luxury retailer Escada AG, the company announced on Friday.
The financial details of the deal have not yet been revealed, however the statement said it had made the agreement to sell the business to Megha through one of the Mittal Family Trusts.
Megha Mittal (pictured) met with company workers on Friday where, according to German media reports, she announced there were no planned job cuts and company CEO Bruno Saelzer would remain in his job.
Escada first filed for bankruptcy protection in August after investors rejected a refinancing deal to attempt to turn around company fortunes. The business, which is know for its high-end dresses, handbags and fragrances, recorded 2008 revenues of €582 million but faced a series of problems including a failed expansion plan and several design failures.
Megha Mittal is the daughter of an Indian textile investor and is married to Aditya Mittal (pictured), Lakshmi's son, who is chief financial officer of the Luxembourg-based ArcelorMittal. Aditya played a prominent role in growing the family steel business during his time as head of mergers and acquisitions.
ArcelorMittal is the world's largest steelmaker with 2008 revenues of $124.9 billion. The company is the successor of Mittal Steel, founded in 1989 by Lakshmi Mittal.
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