Global Investing

Germany’s answer to Armani and Versace bids farewell

When I walked into the dome of Berlin’s Bode Museum in July for Escada’s Pink Party at the Berlin fashion week, it seemed no one was quite sure whether we were celebrating the resurrection of Escada or whether this was a bombastic way of saying good-bye.

Today, we know it was the latter. Escada failed to get the support it needed from its bondholders to restructure its debt, which was a precondition for further capital injections from shareholders, like the Herz brothers — owners of coffee franchise Tchibo.  

Escada admitted defeat late on Tuesday and said it would file for insolvency this week. Is this the end of an era, the end of Germany’s sole glamorous answer to Armani, Chanel and Versace

Escada’s Pink party clearly made an impression. The broad staircases to the left and right of the museum’s entrance were draped with mannequins wearing outfits from all stages of the company’s 33-year history.

 

Brightly-coloured duvet jackets, diamond-studded jeans, fur coats, lavishly embroidered evening gowns and eighties-style leather jackets dazzled fashionistas and enraged anti-fur protestors outside the swanky soiree, which drew guest such as actress Diane Kruger, super model Nadja Auermann and designer Wolfgang Joop.

Bowling for Whistleblowers

Attention Wall Street whistleblowers: your banking job might be at risk, but here’s your shot at Hollywood stardom.


The Academy Award-winning filmmaker is looking for “brave” financial industry insiders to help him make his next film which will focus on the financial crisis – or what Moore calls “the biggest swindle in American history.”

“Based on those who have already contacted me, I believe there are a number of you who know “the real deal” about the abuses that have been happening. You have information that the American people need to hear, “ Moore said on his website.