LONDON The Stella McCartney business is retrenching and restructuring in the wake of COVID-19, with the designer herself leading the way.
According to a memo penned by chief executive officer Gabriele Maggio, and seen by WWD, the company is planning to lay off some staff; is asking others to reduce their salaries for an extended period, and is cutting back on activities with an eye on reducing the overall cost base.
It also plans to reevaluate the Stella McCartney store estate, and may turn some stores into franchises or strike new wholesale partnerships. It is understood the restructuring is a work-in-progress and nothing has been finalized.
Stella McCartney herself, who sold a minority stake in the company to LVMH Mot Hennessy Louis …
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