Luxury fashion label Escada has appointed Markus Schürholz as chief financial officer of the company, succeeding Dr Georg Kellinghusen who is leaving the company as part of a 'generational change'.

Schürholz - manager of lifestyle retailer Douglas Holding - will start the job on 1 January, the company said.

Kellinghusen, who has been CFO since 2000, has "succeeded in maintaining the company's financial solidity even during difficult stages", according to Escada supervisory board chairman Peter Zühlsdorff.

Escada's founder and chief executive Wolfgang Ley is due to hand over his position to Rheinboldt on 31 January. Ley will continue working for the group in a consulting capacity as creative chairman.