Stella McCartney, the renowned fashion designer and daughter of music legend Sir Paul McCartney, is set to relinquish the lease on her flagship store located at 23 Old Bond Street in London, nearly nine years before the lease's termination. This decision comes as her company grapples with financial difficulties, having reported a significant annual loss of £25 million.
First opened in 2014, the extravagant Bond Street location was intended as a showcase for McCartney's brand, reflecting her creative vision with features such as a ‘Stella-vator’ — a lift adorned with pink faux fur — and lavish furnishings, including an original Mario Bellini sofa, priced at approximately £20,795. Despite these high-end investments, the business's financial outlook has soured; recent records reveal a dramatic decrease in turnover from £40 million in 2022 to £22 million in 2023. The flagship store has not generated a profit since bringing in £9 million in 2017, just a year before its formal opening.
In a previous statement, McCartney highlighted the prestige of her Bond Street location, remarking, “Old Bond Street, it’s probably one of the most prestigious retail locations in the world, it’s an incredible honour for us [to be here]. This store really tells the story of the world of Stella McCartney.” The decision to close the store raises questions regarding future plans for the brand and whether McCartney might consider opening a different flagship store or directing her customers to her existing outlet in Bicester Village, Oxfordshire. Attempts to obtain a comment from McCartney's representatives have not yet yielded a response.
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Source: Noah Wire Services