Stella McCartney is selling her luxury stock at budget store TK Maxx after her company suffered a loss of nearly £32m last year.
Stella McCartney is selling her luxury stock at budget store TK Maxx after her company suffered a loss of nearly £32m last year.
The fashion designer and daughter of Sir Paul McCartney, 50, has a flagship store on London’s Old Bond Street, but she went to the website to change her clothes.
Several clothing items have been slashed, including sunglasses that are 65% off the £170 suggested retail price.
For sale: Stella McCartney is selling her luxury goods at budget store TK Maxx after her company suffered a loss of nearly £32m last year.
The £855 faux fur jacket has dropped to £299, while the £1,635 khaki jacket is now on sale for just £399.
Elsewhere, the knitted jumper was reduced by 69% to £399, while online shoppers could save £1,955 on a jumpsuit.
This comes after losses reached nearly £32m in 2021 and the company still hasn’t paid her the more than half a million pounds it was owed.
Cheap: The fashion designer and daughter of Sir Paul McCartney, 50, has a flagship store on Old Bond Street in London, but she went to the website to change clothes.
The fall has been so large that reports show that a £531,000 dividend owed to Stella two years ago has not been paid, although she was paid £2.4 million last year.
Reported figures show that sales fell from £42.5m in 2018 to £38.2m in 2019.
Rising costs and administrative expenses meant the company posted a loss of £32m compared to an £11m loss a year earlier.
Losses: This comes after losses reached nearly £32m in 2021 and the company still hasn’t paid her over half a million pounds it was owed.
The drop in sales occurred before the global pandemic and the company said the recovery from the lockdown would be gradual.
And the Stella-owned firm said in a report that the Covid crisis has hit the company hard.
The accounting filing states: “The Covid 19 outbreak has had a significant impact on our business and we expect the recovery in our sales levels over the medium term to be gradual.”
“Prior to the Covid 19 outbreak, we were making good progress in implementing our strategy.”
Flagship: McCartney’s Mayfair store, one of 51 stores that sell her clothes around the world.