Beverly Hills-based private equity firm Regent has acquired German luxury womenswear brand Escada SE. Terms of the transaction were not disclosed.
Founded in 1978 by designer Margaretha Ley, Escada has operations in 80 countries worldwide. It features two core product lines, Escada and Escada Sport and offers a range of products including eveningwear, businesswear, shoes, purses, jewelry and other accessories.
The company was purchased in 2009 by the the Mittal family. Since then, Escada has focused investment on modernizing its fashion line, improving its product portfolio and strengthening its social media presence. Earlier this year it announced English singer Rita Ora as the new face of the brand.
“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,” Escada CEO Iris Epple-Righi said in a statement.
The Escada deal, announced Oct. 31, is Regent’s second purchase in the German fashion space this fall. In August, the firm acquired Germany’s largest online shopping club, Brands4Friends from Ebay. It has previously acquired brands Mavic, DiamondBack, Redline, La Senza, Plainville Farms, Sassoon, Sunset Magazine, Lillian Vernon, and Sightline Media Group.
In a statement on the acquisition, Regent Chairman Michael Reinstein said, “We are honoured to build on the hard work of [outgoing chairman] Megha Mittal and the very talented Escada management team led by Iris Epple-Righi to help take the business to new heights.”
Banking and finance reporter James B. Cutchin can be reached at firstname.lastname@example.org or (323) 556-8332. Follow him on Twitter @jamesbcutchin.
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