BERLIN — Escada AG’s chief executive officer Bruno Sälzer and chief operating officer Werner Lackas have sold their stakes in the German fashion house.
According to the company, Sälzer and his wife sold about 286,000 shares for 229,000 euros, or about $326,000 at current exchange. When Sälzer assumed the top post at Escada in July 2008, he and his wife reportedly paid about 3 million euros, or $4.7 million at that time, for the shares, which equal a stake of about 1 percent. Lackas sold 100,960 shares.
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?"