German luxury house Escada seems to have found it's fairy godmother in new owner, 33 year old Megha Mittal. Mittal's billionaire family rescued the struggling label last year after Escada filed for insolvency. Now the Mittal Family Trust has big plans on how to pull the luxury label out of its previous debt. First they plan to expand the label, which previously only held markets in Europe and the U.S., to the booming Asian buyers of China, India, and Japan. Escada will also be reportedly launching a new menswear and kidswear line this year in order to generate profits. “Maybe we can make a profit this year, if not then 2011,”
Megha Mittal told German national newspaper Frankfurter Allgemeine
Zeitung recently. Mittal also mentioned the prospect of new products for the label, such as a cosmetics line. Now if only Christian Lacroix could have had a similar fate!
Article Source: Sassybella, Reuters
Photo Souce: AFP