Stella McCartney has paid herself £2.3million despite suffering heavy losses at her eponymous fashion label, financial documents show.
The designer, whose creations are favored by celebrities including former US first lady Melania Trump, singer Beyoncé and human rights lawyer Amal Clooney, has made losses for four straight years. Despite the exclusive clientele, the latest reports show that her firm, Stella McCartney Ltd, is set to post losses of £32.7m in 2021.
But that hasn’t stopped Ms McCartney from claiming a multimillion-pound salary – she was paid more than £10million over that period. The report describes how she plans to improve her “brand desires” to attract a “new generation of customers.”
The strategy to attract younger buyers includes presenting the label as fashion with a conscience and capitalizing on the designer’s history in environmental and animal rights campaigns.
Despite the exclusive clientele, the latest reports show that the designer’s company, Stella McCartney Ltd, made losses of £32.7million in 2021, bringing the total to more than £100million over four years
Ms McCartney, 51, appeared at the 2021 Cop26 climate summit where she complained the fashion world had “got away with murder” and urged the industry to reduce waste and greenhouse gas emissions.
As part of her green initiative, she recently launched her new Frayme bag, the world’s first made from vegan leather. Large bag versions are £1,350 and a metallic mini bag is available for just under £1,200.
Her brand has also collaborated with Japanese pop artist Yoshitomo Nara to stay current.
Pictured: Bella Hadid walks the runway during the Stella McCartney Womenswear Spring/Summer 2023 show as part of Paris Fashion Week (stock photo)
Luxury fashion houses have been hit during the pandemic, but Ms McCartney’s apparent financial woes date back at least to 2018 – before the impact of lockdowns and the chaos in global supply chains that have ravaged the industry.
Losses in recent company deals are significant, even in the haute couture sector, where making money often seems to be secondary.
They topped the company’s annual sales of £32.5million. In the report, directors also warned that the outlook for the global economy was “very uncertain”.
In November, The Mail on Sunday revealed that the brand, which is partly owned by French fashion giant LVMH, has raised nearly £100million by issuing new shares. Ms McCartney, daughter of former Beatles Sir Paul and the late photographer and animal rights activist Linda, owns 51 per cent of the label through a company called Anin Star.
Stella McCartney Ltd has been contacted for comment.
Source: | Dailymail.co.uk
https://www.soundhealthandlastingwealth.com/celebrity/fashion-designer-stella-mccartney-pays-herself-2-million-as-her-eponymous-label-loses-32-million/ Fashion designer Stella McCartney pays out £2million while her eponymous label loses £32million