Mittals To Buy German Fashion House Escada

Law360, New York (November 5, 2009, 3:57 PM EST) -- The Mittal family of ArcelorMittal fame signed a deal Thursday to purchase insolvent German fashion house Escada AG.

One of the Mittal family trusts will purchase all the key assets of Escada as well as shares in the company's subsidiaries, Escada said. The purchase price was not disclosed.

Behind the purchase is Megha Mittal, Escada said. She is the 33-year-old daughter-in-law of Arcelor CEO Lakshmi Mittal, according to Reuters.

The agreement calls for the Mittal family to gain control of all Escada's business operations, including employees,...
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