The son of Escada’s founding family has teamed up with Maurizio Borletti, chairman of La Rinascente, Italy’s leading department store chain, in an effort to snatch back the insolvent German luxury women’s wear group his father left several years ago.

Several people close to the situation told the Financial Times that Sven Ley and his wife Zoe Appleyard-Ley – a former Rothschild banker – have launched a bid for the floundering stock market listed fashion group.