Stella raises £100m to patch up her fashion firm
STELLA MCCARTNEY has raised nearly £100million by issuing new shares in her business following three years of losses.
The label, run by the daughter of Beatles legend Paul McCartney, said last year its ability to continue as a going concern depended on additional funds being provided by shareholder Anin Star Holdings – part-owned by French fashion giant LVMH.
New documents seen by The Mail on Sunday reveal it has now issued shares worth £98 million. It follows dire losses for the years 2018 to 2020, amounting to more than £70 million.
Stella McCartney Ltd is controlled by Anin Star. McCartney herself holds 51 per cent of Anin Star and
LVMH, which bought its stake in 2019, has 49 per cent.
Since it was set up in 2001, Stella McCartney Ltd has attracted many high-profile fans such as Alicia Keys, Melania Trump, Beyoncé and Amal Clooney.
McCartney herself received £2.6million in 2020 for running the business. The new share issue could raise questions over whether she can retain financial control of her indebted firm in the long term, though it is understood she maintains control at this point.
Stella McCartney Ltd and LVMH declined to comment.