- Prachi Singh |
For the year to December 31, 2018, British fashion house Stella McCartney reported loss before tax of 11 million pounds compared to 9 million pounds profit in the previous year. The company’s sales rose by marginal 0.2 percent to 42.6 million pounds.
The company said in the accounts filed with Companies House UK that the 67 percent rise in administrative expenses, driven by Blue Sapphire project and increase in store expenses driven by new Old Bond Street store was the main reason behind losses recorded for the year under review.
However, despite the negative result, the company has proposed paying a dividend of around 658,000 pounds. Stella McCartney and Kering Group each held 50 percent stake in the company at December 31, 2018. In 2019, the company joined hands with rival LVMH to accelerate worldwide development of Stella McCartney brand.
Picture:Stella McCartney website