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Indian-origin steel tycoon Lakshmi Mittal is all set to acquire the Germany-based fashion house, Escada, which is currently bankrupt. A sale and transfer deal has been signed by a Mittal family member with the Insolvency administrator of the fashion house, Christian Gerloff.
The financial aspects of the deal have not been disclosed. Escada, which had been a leading women’s fashion designer, filed for bankruptcy in August 2009.
According to sources, the daughter-in-law of Lakshmi Mittal, Megha Mittal, has been the keyperson behind this acquisition.
The sale came after Mittal beat out competitors in a bidding contest.
