Last November, when Megha Mittal--daughter-in-law of billionaire Lakshmi Mittal--acquired bankrupt German fashion brand Escada for a reported 30 million euros, onlookers were curious as to what exactly she'd do with the struggling label.
Back then, I speculated that Mrs. Mittal was an Escada customer, and that this would be the Wharton Business School graduate's baby.
Looks like that has proven true, as Mittal has taken multiple steps to bring the firm out of the red, including new retail stores for Escada and Escada sport, as well as lower entry price points and more daywear. (Because not everyone can be bothered with sequined dresses.)
In her latest effort, Mittal has brought on London-based designer Jonathan Saunders to create a capsule for Escada Sport. Saunders, who's best known for his colorful prints, fits well with the brand--or, more precisely, where the brand seems to want to go. The collection will be released for resort 2012.
Expect more designer collaborations, as well as the appointment of a new creative director, in Escada's near future.