Bruno Sälzer to exit Escada

CEO of the German fashion retailer Escada, Bruno Sälzer will not be extending his contract when it expires

end of this year. He states that the restructuring of the company is now finalized after Escada filed for insolvency in 2009 and was later acquired by the Mittal family and he is ready to move on.

“I would like to pursue new professional challenges. It's now or never,” Sälzer told WWD. A replacement for him is currently underway at Escada.

He 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.

Sälzer declined to comment concerning rumors that he was leaving Escada to take on a new role as CEO at Benetton, as La Repubblica previously reported. He did stated that the timing of the speculate and the pre-planned announcement of his exit from Escada “had absolutely nothing to do with each other. It was pure coincidence.”