BERLIN — Megha Mittal, the 33-year-old daughter-in-law of billionaire steel magnate Lakshmi Mittal and representative of the Mittal family, has won the bid to take over the insolvent German fashion house Escada.
Late Thursday, the Escada insolvency administrator said a sale and transfer agreement had been signed with a Mittal family trust, transferring all key assets of Escada AG’s operative business as well as shares in Escada AG’s subsidiaries. Mittal represents the family, which holds a large stake in leading steel company ArcelorMittal, and has a separate family office in London that operates like a private equity fund.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"