McCartney In Fashion Crisis09 December 2003
McCartney In Fashion Crisis
Rock daughter Stella Mccartney's fashion company is in crisis - her label slipped into the red yesterday (08DEC03) after posting losses of $7.2 million (GBP4.5 million).
Her self-entitled firm, which has the backing of fashion giants GUCCI, reported sales worth $695,360 (GBP434,600) in the year ending 31 January (03) - but the company's operating loss was up 67 per cent on its first-year figures.
Although Gucci paid Stella - daughter of Beatles legend Sir Paul McCartney - $9.6 million (GBP6 million) for its majority stake in the company in 2001, as well as two multi-million cash injections since, bosses aren't concerned about the designer's losses.
Board members including Gucci chief executive DOMENICO DE SOLE say sales returns and losses were "in line with directors' expectations based on an agreed business plan".09/12/2003 02:23
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