Gucci Paid Gbp6 Million For Stella
STELLA McCARTNEY was paid a staggering $9.6 million (GBP6 million) to join forces with design giants GUCCI.
The couturier and daughter of former BEATLE SIR PAUL McCARTNEY sold a 50 per cent stake in STELLA McCARTNEY LTD to Gucci on 1 April 2001 - according to company accounts, disclosed for the first time at London's Company House.
Accounts show Gucci paid the sum ""to purchase from Stella McCartney, the right, title and interest in the McCartney name".
The records show she paid herself a salary of GBP730,840 ($1.170 million) in 2001.
Stella's deal, however, is dwarfed by the one that took fellow British designer ALEXANDER McQUEEN to Gucci three months later (JUL01) - he was paid GBP21.6 million (GBP13.5 million) for a 51 per cent stake in his company BIRDSWAN SOLUTIONS.
Earlier this year it was revealed Stella's company has had to be propped up by several cash injections from Gucci this summer, after registering first year losses of $4.3 million (GBP2.7 million). Although Gucci insisted they had not expected the company to do well, a source at the time said, "Gucci have poured millions into Stella's company so I'm certain they are disappointed .25/09/2003 21:30