Escada Tries To Escape Financial Woes

International luxury brand Escada is still in hot water after filing for insolvency this August, but ZSL Partners, a consortium backed by the company founder’s son, Sven Ley, has stepped forward to bid on the fashion house in an attempt to save it from going under.

ZSL Partners is comprised of Ley, former head of Gucci Giacomo Santucci, and Italian investment group Borletti and is backed by several (unnamed) wealthy families.  Escada has not yet reached a decision on the final buyer, but a small number of investors have come out of the woodwork to save the ship, with ZSL Partners offering a little over $118 million.  An official announcement will likely be made within the next couple days, sources say.

We hope Escada will be able to pull itself out of its financial mire and continue to be the great fashion house we love to watch.

Read the full story {Reuters}