L’Wren Scott's Fashion Team Rips 'Highly Misleading,' 'Inaccurate' Reports Of Company's Doomed Financial Status
Mar. 21 2014, Published 2:21 p.m. ET
Business reps for LS Fashion Limited, the line created by Mick Jagger's late girlfriend L’Wren Scott, have struck back at what they call "highly misleading and inaccurate" -- as well as "extremely hurtful and disrespectful" -- reports of the businesses' doomed finances, and imminent closure, in the wake of Scott's shocking suicide this week.
"We strongly object to some of the media's intrusion into issues that are not only untrue and misleading but also distract from remembering and celebrating her life -- the life of a successful, talented, kind, generous and extraordinary woman," the reps said.
As we previously reported, docs filed in the U.K. stated that the company was nearly $5.9 in the hole, after years of mounting debt. While her connection to Jagger, a centi-millionaire three times over, seemed like an easy elixir to any bumps in the road, the statuesque model-turned-designer was reportedly “embarrassed” over the situation.
“L’Wren was in a lot of financial trouble," a fashion industry source told Mail Online. "She was unable to pay her staff and her suppliers and it had been going on for a very long period of time … it was a huge burden on her and she didn’t want to fail.”
In a statement released to Radar, a spokesperson for the late fashionista's line, LS Fashion Limited, told the story of different business -- one with "encouraging" long-term prospects, adapting to industry shifts via a restructure, and able to pay its' bills.
"Her business overall was only seven years old and although some areas of the business had not yet reached their potential other parts of her business were proving successful," the rep said. "As a private business, details of income and turnover are not publicly disclosed, however it can be said that the long-term prospects for the business were encouraging.
Per the $5.9 million, "The parent company of LS Fashion Limited based in America had made a standard loan investment to the UK subsidiary," and that the company was "fully able to meet their liabilities and pay all suppliers and customers.
Here is the statement, in full:
A spokesperson for L'Wren Scott:
The figures quoted in the media regarding the financial status of LS Fashion Limited are not only highly misleading and inaccurate but also extremely hurtful and disrespectful to the memory of L'Wren Scott.
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Ms. Scott was considering a re-structure of her global business. The L'Wren Scott business consists of a wholesale business of ready-to-wear women's wear, a bespoke Couture business for private clients, a licensing business, Ms. Scott's globally recognized work as a Fashion Consultant and stylist and her collaborations such as her recent collection for Banana Republic. Her business overall was only seven years old and although some areas of the business had not yet reached their potential other parts of her business were proving successful. As a private business, details of income and turnover are not publicly disclosed, however it can be said that the long-term prospects for the business were encouraging. Ms. Scott was very focused on doing what was right for her global business and for the support of her team.
In terms of figures shown at Companies House in the UK. The parent company of LS Fashion Limited based in America had made a standard loan investment to the UK subsidiary. LS Fashion Limited is fully able to meet the company's liabilities and pay all suppliers and customers.
The L'Wren Scott team today said:
"We have lost a great friend and an inspiring leader. We are grieving privately and whilst we appreciate the incredible tributes that have been paid in the media by those who knew L'Wren, we strongly object to some of the media's intrusion into issues that are not only untrue and misleading but also distract from remembering and celebrating her life - the life of a successful, talented, kind, generous and extraordinary woman. We ask that our privacy and that of L'Wren's family and close friends be respected at this difficult time."
No further statement will be made for the time being.
We'll keep you updated on the latest in this story, right here on Radar.