Bruno Sälzer, CEO of ailing German luxury brand ESCADA owned by daugher of steel tyon Lakhsmi Mittal, will not be extending his contract when it expires end of this year. Although Escada has undergone a major restructing and repositoning strategy in the past 3 yeas, the brands seems to be unable to gather momentum and rebuild its former reputation. Sales have been stagnant and opening of new stores sluggish.
Sälzer took over the reigns at Escada in July 2008 and during his 6 year rule, the company existing range of products increased to included home items, time pieces and jewely. Sälzer also spearheaded a new store interior concept, as well as the launch of Escada’s online store and retail expansion in Asia.
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