November 10th, 2009
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.
October 8th, 2008
Indian steel tycoon Lakshmi Mittal, the richest man in Europe and the 4th richest man in the world, is now the world’s biggest loser from the credit crunch with more than £16 billion/ $29 billion wiped off his fortune by plummeting stock markets in just four months.
Mittal has seen his family’s stake in ArcelorMittal, the steel conglomerate, fall from £33.2/$58.2 billion on June 4 this year to £16.6/$29 billion at the close of Friday’s markets. The loss is the equivalent of £137m/$240 million a day or nearly £6m/$10 million an hour.
Mittal, who paid a record $200 million for a Georgian mansion in Kensington Palace Gardens earlier this year, heads a list of 10 super-rich losers who between them have seen their share portfolios shrink by some £23/$40 billion from their peaks.But no worries, Mittal has still $17 billion left, the London Times reports.
Falling fortunes of Britain’s richest – TOP 3
Lakshmi Mittal and family: Steel
Down £16.6bn /$29bn
Anil Agarwal: Metals
Down £2.7bn / $4.7bn
Mike Ashley: Sports retail
Down £960m / $1.7bn
May 23rd, 2008
A mansion in London is set to sell for £117million ($230 mn) – making it the world’s costliest home. The palatial residence, on a street dubbed Billionaires’ Row, is believed to have been bought by Britain’s richest man, steel tycoon Lakshmi Mittal.
He is believed to be close to exchanging contracts with owner Noam Gottesman, 47, a US-born financier.
The home in Kensington Palace Gardens, West London, Princess Diana’s former street, is being sold furnished and with an art collection. It works out at an astonishing £8,000 per square foot.
His new pad pips the £115million previous record – paid in March for a flat being built in nearby St James’s Square.
