Stella salary! Fashion designer Stella McCartney pays herself £2m, while her eponymous brand loses £32m
- The designer has made losses for four years in a row
- Stella McCartney Ltd made a loss of £32.7m in 2021
- In total, it took more than £100 million over four years
Stella McCartney paid herself £2.3m despite suffering heavy losses at her eponymous fashion brand, financial documents reveal.
The designer, whose creations are popular with celebrities including former US first lady Melania Trump, singer Beyoncé and human rights lawyer Amal Clooney, has suffered four years in a row. Despite the exclusive clientele, the latest accounts reveal that her firm Stella McCartney Ltd suffered losses of £32.7m in 2021, taking the four-year total to over £100m.
But that didn’t stop Ms McCartney from taking home a multi-million dollar salary – she was paid more than £10 million during that period. The report details how it wants to improve its “brand desirability” to attract a “new generation of customers”.
The strategy to attract younger customers includes promoting the brand as fashion with a conscience and capitalizing on the designer’s history of campaigning for the environment and animals.
Despite the exclusive clientele, the latest accounts reveal that the designer’s firm Stella McCartney Ltd made losses of £32.7m in 2021, taking the four-year total to over £100m.
Ms McCartney, 51, appeared at the Cop26 climate change summit in 2021 where she complained that the fashion world was “going through murder” and called on the industry to cut waste and greenhouse gas emissions.
As part of its green drive, it recently launched its new Frayme bag, the world’s first made from vegan leather. The large version of the bag costs £1,350 and the metal mini bag retails for just under £1,200.
Her brand has also collaborated with Japanese pop artist Yoshitomo Nara in an effort to stay relevant.
Pictured: Bella Hadid walks the runway during the Stella McCartney Womenswear Spring/Summer 2023 show at Paris Fashion Week (file photo)
Luxury fashion houses have been hit during the pandemic, but Ms McCartney’s apparent financial difficulties date back at least to 2018 – before the impact of lockdowns and chaos in global supply chains that devastated the industry.
Losses on the latest corporate accounts are significant even in high fashion areas, where making money often seems like an afterthought.
They took the company’s annual turnover to £32.5 million. Directors also warned in the report that the outlook for the global economy was “highly uncertain”.
In November, The Mail on Sunday revealed that the brand, which is part-owned by French fashion giant LVMH, raised almost £100m in new shares. Ms McCartney, the daughter of ex-Beatle Sir Paul and the late photographer and animal rights activist Linda, holds 51 per cent of the brand through Anin Star.
Stella McCartney Ltd has been contacted for comment.