FRANKFURT (Thomson Financial) - Tchibo owners Wolfgang and Michael Herz have agreed with Escada AG. to acquire a 'significant minority stake' in the German fashion house, Escada said in a statement, not providing an actual figure.
Previous media reports put the stake at 12 percent, citing sources close to Herz.
In addition, former chief executive of Hugo Boss AG. Bruno Saelzer will become the new CEO of Escada, effective July 1, it added, confirming earlier media reports. christoph.steitz@thomsonreuters.com cs1/lam COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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