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| Escada has potential to re-define world of luxury brands – Ms Mittal | | November 16, 2009 (India) |  |
 Ms Megha Mittal, daughter-in-law of Indian steel magnet Mr.Lakshmi Narayan Mittal has won the bid to take over the Escada group on behalf of the Mittal family trust, thereby bringing in glamour to the Mittal’s steel empire.
The Escada group has been reeling from weak sales, since the past several years and had recently filed for bankruptcy agreements as well and by sealing the deal, Megha has put a full stop to the times of uncertainty at the fashion house.
Commenting on the deal she elaborated that her first priority is to ensure that the great heritage of this iconic company is translated into a strong and successful future.
She firmly believes that despite recent difficulties, Escada has the potential to re-define its place in the world of luxury brands and become synonymous with fine quality and elegance.
And demonstrating her full confidence on Dr Bruno Sälzer the CEO of Escada, she further stated that “They have the right team to achieve this”.
Talking about fashion she said that, she fell in love with fashion while growing up in India and feels very inspired by her country's rich heritage of embroidery, weaving and textiles.
Young, chic and classy, 33 years old Megha has completed her graduation in Finance and Strategic Management from the Wharton Business School during the year 1997 and has also worked in her family’s textiles business in India.
Later she went on and worked at Goldman Sachs – in the field of investment research – first covering technology stocks and then internet portals in the year 2000.
She has an interesting background which is deeply connected to textile and design, as she had stayed at the Inchbald School of design which again is one of the most recognised schools of design In London during the year 2003 and holds a Post-graduate degree in Architecture,.
Megha who was previously known as Megha Patodia had married Aditya Mittal the son of Indian steel tycoon in 1998, and is a mother of two young children. Besides sharing responsibilities as an active member of the Mittal family trust and many more such trusts, Megha is closely involved in charitable activities as well.
The Mittal Children’s Medical Centre at Great Ormond Street Hospital is the result of one of her efforts. Looking at the firm hold the Mittal family has over the steel business and the strong interest Megha has shown, it is expected that she will take the fashion industry by storm and the future of Escada is certainly something to keep a close watch on. | | | | Fibre2fashion News Desk | |
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