Mittal daughter buys Escada UK

The UK subsidiary of German womenswear brand Escada was yesterday bought by Subco Limited, the wholly-owned subsidiary of the Mittal Trust. KPMG was appointed administrator of Escada UK and immediately sold it to the Mittal Trust. Escada the parent company was sold to Megha Mittal, daughter-in-law of steel magnate Lakshmi Mittal last month. The sale safeguards 44 jobs in the UK and the retailer will continue to operate from stores.