"Pre-tax losses at the British brand led by the daughter of former Beatle Sir Paul McCartney widened to 33.6m in 2024 from 25m the year before, while sales fell 27% to 16m, according to accounts filed at Companies House. The latest loss comes after the brand's directors warned it could run out of cash by 2028 even if its parent company, Anin Star Holding, which is controlled by the designer, did not call in its loans."
"The label has not made a pre-tax profit since 2017 and has warned for several years about a need for additional funding to keep going. Directors said the company, which is known for its ethical stance and not using animal products, had identified contingency measures to spin out cash reserves for longer but admitted they may consider alternative sources of funding to secure the long-term viability of the business."
Sales at Stella McCartney fell 27% to 16m in 2024, while pre-tax losses widened to 33.6m from 25m the previous year. Directors warned the business could run out of cash by 2028 even if parent company Anin Star Holding did not call in loans, and the label has not recorded a pre-tax profit since 2017. The company identified contingency measures to extend cash reserves but said it may seek alternative funding to secure long-term viability. Sales rose in the UK and in stores, but declines in royalty and wholesale income outweighed gains amid challenging market conditions and weaker luxury demand.
Read at www.theguardian.com
Unable to calculate read time
Collection
[
|
...
]