Post-tax losses at the brand, known for the sustainable positioning and advocacy of its eponymous founder, deepened 7 percent year-on-year, as higher sales were offset by increased administrative expenses amid a wider restructuring, according to accounts filed to UK registrar Companies House.
The company’s turnover grew 14 percent to £32.5 million ($39.4 million) for the year ended 31 Dec. 2021.
These results mark the third year in a row that Stella McCartney has reported a loss of more than £30 million, following a costly split from then-parent company Kering in 2018 and the business challenges and prolonged uncertainty brought about by the pandemic.
The company, which received a minority investment from LVMH in 2019, has been undergoing a strategic turnaround since 2020. This has included bringing its e-commerce management in-house (via its Italian business) and licensing its childrenswear to Italian group Simonetta Spa. As in 2020, the company did not pay any dividends.
The company declined to comment on the financial results.
The ethical fashion pioneer and LVMH sustainability advisor is trying to change one of the world’s most polluting industries from the inside.