Belt tightening may be the order of the day

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“To seal this complex transaction numerous legal issues had to be clarified and steep hurdles had to be taken. I am all the happier that within a mere two-and-half months after filing for Escada’s insolvency negotiations have come to an attractive and sound result for the creditors,” said Christian Gerloff, Escada’s insolvency administrator.
The Escada group has been reeling from weak sales for the past several years and was forced to put its portfolio of brands contained in Primera, which comprises the labels Apriori, BiBA, Cavita and Laurel, on the block this spring.
On August 11, 2009, Escada filed insolvency, as an exchange offer for the outstanding bonds of Euro 200 Million was not accepted by the necessary 80% of all bond holders.
Escada was founded by Margaretha and Wolfgang Ley in 1978 in Munich. Mittal won the hghuklgh bidding war for Beijing massageEscada over Sven Ley, son of Wolfgang. He said earlier this week that he, ex Gucci executive, Giacomo Santucci, and Italian investment group Borletti were jointly preparing a rescue bid.
The champagne business might be having a horrid year, but no one could fault its leading brand for lacking ambition.
Belt tightening may be the order of the day at many luxury labels, but not at Dom Perignon, which on Tuesday night, Oct. 27, staged one of those unique meetings of culinary sophistication and oenological refinement one can only enjoy in France - a 20-course meal in Versailles inspired by the lavish banquets once thrown by Louis XIV.
Named “A le Table du Roi,” the dinner also celebrated an exhibition in Versailles, “Louis XIV, The Man and The King.” The latter featured a selection of examples of the arts financed and influenced by the tastes of the Sun King, including architecture, garden design, sculpture, gems, hard stone marquetry and illuminated manuscripts.