Despite reports last week that L'Wren Scott's fashion company was facing a lot of debt, her team has released an official statement stating otherwise.
The statement lists the various businesses under the L'Wren Scott name and maintains that every business was doing well, and the future of the company as a whole looked bright.
According to her team:
"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. 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 womenswear, a bespoke couture business for private clients, a licensing business, Ms Scott's globally recognised 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."
Her team also provided clarity on the $5.9 million debt figure quoted in reports, saying:
"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."
Finally, her team had this to say about the designer's untimely death:
"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."
We cannot fathom what a devastating time this must be for them. They are in our thoughts.
CLICK HERE for a look at L'Wren Scott's designs for some of Hollywood's elite stars.
[Image via GF/BauerGriffinOnline.]
Tags: business blitz, fashion smashion, l'wren scott