Good news for Escada!
ZSL Partners, a consortium comprised of Sven Ley, son of Escada founder Wolfgang Ley, Giacomo Santucci, head of Gucci, and Italian investment group Borletti, has made a bid to save the fledgling fashion house.
As you might recall, Escada filed for insolvency earlier this year after years of dwindling sales and struggling with the tough economic climate. They have since been seeking financial backing, and now it seems they might have found a winning combination to fill the position.
ZSL has offered nearly 80 million euros ($118.2 million) to save Escada, and said the goal is to raise sales to over 500 million euros by 2014. In order to do so, part of the plan would be to enlist Santucci, who has worked for the likes of Prada, Gucci, and Lang, as chief executive.
This sounds like a great plan to revive the luxury label, but sources say that there are three other bidders still in the running. A decision is forthcoming in the next few days.
Hope ZSL makes the cut!
[Image via AP Images.]
Posted: November 4, 2009 at 11:07 am
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