Megha Mittal will buy the luxury fashion house Escada for an undisclosed price, the company said on Thursday and keep CEO Bruno Saelzer onboard.

Escada, an international fashion group for women’s apparel and accessories has 182 own and 225 franchise shops in more than 60 countries.

Earlier, in August the iconic fashion house filed for insolvency after declining sales had a negative impact on the balance sheet of the company.

The German press has estimated that the deal is worth around 100 million Euros including the debt.

Megha Mitta is the 33-year-old daughter-in-law of Lakshmi Mittal, chief executive of ArcelorMittal, the largest steel company in the world.

He’s the eighth-richest person in the world and the richest person in the U.K., where he resides.

Mitall believes in Saelzer’s plan of turning Escada into an affordable luxury label with more daywear, rather than relying on exorbitantly priced red-carpet gowns.

Escada, once one of the world’s top fashion labels, filed for insolvency in August after years of diminishing sales took their toll and a broad restructuring plan failed to win approval from bondholders.

Photos : Time - Daylife