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Escada poised to announce buyer

Escada is likely to announce a buyer for the German mainstream womenswear brand by November 5, according to a source close to the proceedings.

Administrator KPMG was understood to be considering 10 serious bids for the struggling business as Drapers went to press, having received about 100 enquiries.

Earlier this week, Maurizio Borletti, chairman of Printemps Holding, which runs French department store Printemps and Italian department store La Rinascente, said he was advising one of the bidders.

Borletti would not confirm rumours that the bidder was Sven Ley, the son of Escada’s founders, who is believed to have launched a bid with his investment banker wife Zoe Appleyard-Ley.

Two other bids are reported to have been received from private equity firm Vestar Capital Partners, which owns US luxury knitwear brand St John, and German lawyer Nikolaus Becker.

Escada, which has 45 UK stockists, filed for insolvency in August.

KPMG declined to comment.

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