Megha Mittal, daughter-in-law of Indian billionaire Lakshmi Mittal, is acquiring the bankrupt European luxury fashion house Escada.
Escada, which sells women's clothing has 400 stores in 60 countries, filed for bankruptcy in August 2009. "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," Mittal said.
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