German-based womenswear brand Escada has been sold to global private equity firm Regent.
The Mittal Family, which bought the Munich-based luxury label in 2009, confirmed that it has sold the business to Regent for an undisclosed sum.
Megha Mittal, chairman of Escada said in a statement: “It has been a privilege to chair and evolve Escada over the past ten years. I would like to thank all the company’s employees for the passion and dedication they have shown in reimagining Escada for today’s customer. I would also like to thank Iris for her leadership. In Regent, we have found the right owner to continue the next chapter of the company.”
Over the past decade, Escada has modernised its fashion direction for a more contemporary customer, “invested in upgrading its retail portfolio and expanded its social media and digital activities,” the brand added. Last year Escada celebrated its 40th anniversary with a show at the Armory during New York Fashion Week, and this year it announced Rita Ora as the face of the brand.
Escada chief executive, Iris Epple-Righi, added: “It has been a pleasure to work with Megha, who has been thoroughly committed to the brand’s evolution. I am proud of the milestones we have achieved, and we now look forward to collaborating with Regent and gaining from their vast operational knowledge in running brands and businesses.”
Regent Chairman, Michael Reinstein, said: “Escada has been one of the leading international luxury brands since it was first launched by Margaretha Ley in 1978. We are honoured to build on the hard work of Megha Mittal and the very talented Escada management team led by Iris Epple-Righi to help take the business to new heights.”
Founded in 1978, Escada is a womenswear fashion brand with two product lines, Escada and Escada Sport and produces daywear, workwear, eveningwear and accessories.
US-based Regent is a global private equity firm focused on acquiring businesses and deploying its strategic and operational expertise to fuel growth and innovation and has previous invested in Mavic, DiamondBack, Redline, La Senza, Brands4Friends, Plainville Farms, Sassoon, Sunset Magazine, Lillian Vernon, HistoryNet and Sightline.