Stella McCartney's salary rose despite firm claiming furlough support
Stella McCartney’s salary from her fashion company rose to £2.7m last year despite firm claiming almost £850,000 in support from furlough scheme
- Designer pocketed more than £220,000 more for herself than in previous year
- This is despite the business suffering a 26% fall in sales over the same period
- Figures published in Stella McCartney Limited’s accounts on Companies House
Stella McCartney’s salary from her fashion company rose to £2.7m last year, despite the firm claiming more than £850,000 in support from the government’s furlough scheme.
The designer pocketed more than £220,000 more for herself in the year to December 31, 2020 compared to the previous 12 months, even though the business suffered a 26% fall in sales over the same period.
The figures have been published in accounts on Companies House, which reveal sales in the UK more than halved, contributing to a pre-tax loss of £31.4million.
It also shows how Stella McCartney Limited received a six-figure sum from the government at the height of the pandemic to help pay staff while shops were shut.
Stella McCartney’s salary from her fashion company rose to £2.7m last year, despite the firm claiming more than £850,000 in support from the government’s furlough scheme
Stella’s stores around the world
Stella McCartney operates 51 freestanding stores (with 1,400 employees) in locations including:
- Manhattan’s Soho
- London’s Mayfair and Brompton Cross
- LA’s West Hollywood
- Paris’ Palais Royal
- Milan
- Tokyo
- Shanghai
- Beijing
Her collections are distributed in 77 countries through 863 doors including speciality shops, and department stores, as well as shipping to 100 countries online.
Source: stellamccartney.com
MailOnline told last year how the entrepreneur had furloughed hundreds of her staff and asked those who remained working to take a pay cut in the midst of the crisis.
Under Chancellor Rishi Sunak’s rescue package, firms can claim up to 80 per cent of wages to a maximum of £2,500.
Unlike Victoria Beckham, who backtracked on furloughing 30 staff at her fashion company following criticism, Stella McCartney Limited did not change its decision.
At the time, one employee said staff were ‘extremely hurt’ by the decision.
The accounts read: ‘During the year, the Company received cash payments in relation to the Government Coronavirus Job Retention Scheme amounting to £849,392. This payment received is included within salaries and wages.’
Stella’s fashion brand is popular with a number of celebrities with Hollywood star Reese Witherspoon seen sporting one of her outfits in recent years.
In April MailOnline told how the designer had furloughed hundreds of her staff and asked those who remained working to take a pay cut during the coronavirus crisis.
Under Chancellor Rishi Sunak’s rescue package, firms can claim up to 80 per cent of wages to a maximum of £2,500.
Unlike Victoria Beckham who backtracked on furloughing 30 staff at her fashion company following criticism, Stella McCartney did not change its decision.
McCartney’s shop in Mayfair, one of 51 stores selling her clothes around the world
Mrs Beckham also planned on topping up the on furlough’s salaries an extra 20 per cent on top of the 80 per cent paid by the Government scheme, unlike Ms McCartney.
At the time, one employee said staff were ‘extremely hurt’ by the decision taken by McCartney.
A spokesperson for Stella McCartney Limited told the Guardian: ‘During the lockdown senior management including Stella took a salary reduction. The 2020 accounts relate to a year of transition and the effects of the pandemic on the retail sector, yet given these challenges the brands sales have remained strong.
‘In common with all companies within our sector, we are currently dealing with one of the most challenging periods faced by a generation, and are conducting a review in order to adapt our business to the changing economics of our industry.’
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