November 08, 2009
A few days ago we reported that Escada was soon to be taken over by a new owner, following a bidding war between Sean Ley (son of the founder, Wolfgang Ley), and Megha Mittal, daughter-in-law of Lakshmi Mittal, steel magnate and richest man in the UK, where the family resides.
After what felt like an eternity, it has finally been announced that Mittal won the war and will purchase the brand for an undisclosed sum. Having already intimated that she would not get rid of the current CEO, Bruno Saelzer, it has been confirmed that he will be staying on, and together they will bring about a new era of more affordable ready-to-wear daywear. All good things really do come to those who wait as Ms Mittal had been on the hunt for a fashion investment for quite some time now, and even considered bidding on Gianfranco Ferre. We guess one could say the best (wo)man won. Congrats!
November 05, 2009
In August earlier this year Escada, which was founded in Munich in 1978, was forced to file for insolvency due to a serious dip in sales. Once the choice of celebrities and wealthy fashionistas alike, and loved for their juxtaposition of bold, bright colours with embroidery and knitted designs, the once international brand looks set to be revived very soon if rumours of a new owner are indeed true. An unnamed source told 'Reuters' that the brand could acquire a new buyer as early as the end of this week and at present, two 'camps' are said to be in the running. On one side there's Sven Ley, son of the Wolfgang Ley- founder of the label, who will team up with Giacomo Santucci, former head of Gucci and Borletti the Italian investment group. On the other, is team Mittal, led by Megha Mittal, the billionaire, Lakshmi Mittal's daughter-in-law.
Read more after the jump
October 14, 2009
With recent victims of bankrupcy Christian Lacroix and Yohji Yamamoto coming into new money via investors, it seems that Escada will be following their lead. It has been revealed that roughly ten to twenty wealthy parties are interested in bringing back the German luxury fashion house, with their final offers due at the end of this month. The parties are said to include fashion companies, financial investors and wealthy families, of which have handed in non-binding offers to the label's insolvency administrator. Thinking wisely, it is to be the best proposal to secure the future of the Escada brand - rather than the highest bidder - that will win, the result of which will be presented to the public at the beginning of November.
September 04, 2009
News is mixed for Escada this week. Although time is running out for the German brand to save its finances (the company filed for insolvency last month), consultancy KPMG has been called upon to set up meetings with possible investors, according to WWD. Escada's money will run out in December without help.
Twelve potential buyers have been found so far, with Nickolaus Becker, a Munich lawyer, being the only one to go public. Insolvency administrators hope a buyer could be found by early November or sooner. At the moment, Escada says it has no plans to cut any of its 2,300 employees.
September 03, 2009
Olivia Wilde brought out her best grey frock to launch Escada's new Desire Me fragrance at the ME Hotel in Madrid yesterday.
Would you wear a dress like hers?
August 13, 2009
It's more bad news for Escada, which has been on the brink of collapse for awhile. After trying a number of options to save the brand, executives will file for insolvency this week, according to The Cut. Bondholders voted not to allow the house to swap old debt for new notes (80-percent approval would have passed the plan, but only 46 percent agreed).
Escada company leaders have met to discuss the next steps, now that the chance for a 13-million euro loan and a capital increase of 29 million euros or more is out the window. CEO Bruno Saelzer naturally had hoped to avoid insolvency to preserve the company's reputation, but now that it's dire, we're guessing that's the last of his concerns.
July 15, 2009
After much speculation, today it was confirmed that Ossie Clark officially will close its doors.
The company was bought in 2007 by WGSN founder Marc Worth, who planned to rejuvenate the brand with the help of young designer Avsh Alom Gur. "[Ossie Clark] had so much potential, and it was unfulfilled," Worth said of the brand at the time, a sentiment I'm sure he was feeling today when the news was released.
Earlier in the year it was announced that the designer was leaving his position as creative director at the brand and was being replaced by Gharani Strok co-designer Nargees Gharani. Unfortunately we will never get to see what she had planned for the brand.
This comes at a time when several brands, established and new, are feeling the effect of the credit crunch. Escada and Christian Lacroix are only two of the many examples of companies that have filed for bankruptcy in the past couple of weeks.
July 14, 2009
Magazine: British Vogue
Editorial: Milan
Models: Freja Beha Erichsen and Sasha Piovovarova
Photographer: Patrick Demarchelier
See more after the jump
by: Naomi Mdudu
Filed under: Fashion
Tags: Prada, Escada, Roberto Cavalli, Bottega Veneta, Versace, Giorgio Armani, British Vogue, Freja Beha Erichsen, Sasha Pivovarova, Gucci, Dolce & Gabbana, Patrick Demarchelier, Fendi, Jil Sander, milan, Moschino, MaxMara, editorial spotlight
July 14, 2009
So who are couture clients, exactly? [The Cut]
Nudity sells bow ties, apparently [Jezebel]
Escada could be going under [Vogue UK]
What's Michelle Obama's perfume of choice? [FWD]
Target nervous about Anna Sui's 'Gossip Girl' themed line [NY Daily News]
