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Escada is Saved

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Good news for Escada! The fashion house which filed for bankruptcy little over two months ago is now rescued. The sale was recently finalized, with the new owner announced as Indian steel mogul Lakshimi Mittal. Rumor has it that his daughter-in-law, Megha Mittal, was a coercive force behind the deal. The previous board of management will remain intact at the company, which has CEO of Escada Bruno Salzer saying, "All that counts is to look forward." [WWD; MonstersandCritics]