Frankfurt: By snapping up insolvent German fashion house Escada, Megha Mittal, daughter-in-law of steel magnate Lakshmi Mittal, launched the type of corporate coup more associated with her famous namesake.

Undated recent handout picture made available by Maitland shows Megha Mittal, 33, who stepped on November 6, 2009 into the fashion spotlight with a purchase of the troubled high-end German brand Escada, backed by the clout of in-laws who own the global steel giant ArcelorMittal.

Megha Mittal -- wife of ArcelorMittal finance chief Aditya Mittal -- won the bidding war for the German fashion icon on Thursday over rivals including Sven Ley, the son of Escada founder Wolfgang Ley.

The 33-year-old agreed to buy all the key assets of Escada's operating business, including the brand, for an undisclosed price, leaving the current management surrounding Chief Executive Bruno Saelzer in place.

"There is a chance to restore its old glory," Escada's insolvency administrator, Christian Gerloff, said after the deal.

Escada, once one of the world's top fashion labels, had to file for insolvency in August after years of diminishing sales took their toll and a broad restructuring plan failed to win approval from bondholders.

"Megha always had an eye [for design]," said Alan Hughes, course director and vice principal at London's Inchbald School of Design, where Mittal completed a one-year diploma in architectural design.

"I think most probably at the back of her mind she wants a design business that would incorporate interiors, fashion, graphics -- she has that kind of view that everything is connected," he added.

Show your mettle

Her financial background will come in handy for her latest project. She specialised in finance and strategic management at U.S. alma mater Wharton Business School, where she also met her husband. They got married in 1998 and have two daughters.