Megha Mittal targets La Perla after buying Escada

By

Edoardo Meliado

Translated by
Nicola Mira

Published
Jul 18, 2017

After buying German label Escada, Indian fashion entrepreneur Megha Mittal, the heir to the Mittal steel business (the number one in India), has apparently set her sights on Italian lingerie brand La Perla, owned by Silvio Scaglia's SMS Finance. The news was reported by Italian business daily Il Sole 24 Ore, citing a rumour published by corporate analyst Mergermarket.

Silvio Scaglia, former owner of Italian internet provider Fastweb, bought La Perla at a Milan court auction in 2013 for €69 million, beating a bid by tights and underwear giant Calzedonia. Calzedonia reportedly made a further attempt, offering Scaglia €100 million, a bid which was refused despite the fact that SMS Finance would have to take on the substantial costs linked to the restructuring and commercial relaunch of La Perla. 

Megha Mittal is thought to be seeking to combine the two labels, Escada and La Perla. According to Il Sole 24 Ore, the deal between Mittal and Scaglia for La Perla's acquisition is not far from being sealed, though the Italian businessman still has reservations.