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Son of Escada Founder Could Bail Out Label for $118.2 Million

The son of Escada's founder is mounting a plan with other investors to bail out the label, which filed for bankruptcy in August. Their offer totals $118.2 million, which is about $18 million more than the cost of bailing out Christian Lacroix. Sven Ley partnered with ex-Gucci head Giacomo Santucci and Italy's Borletti Group on the bid. Under their rescue plan, Santucci would assume the role of chief executive. Four other bidders are still in the running, and a winner could be decided within days. [Reuters]

Photo: Courtesy of Escada

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Copyright © 2013, New York Media LLC.
All Rights Reserved.

Copyright © 2013, New York Media LLC. All Rights Reserved.

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