"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 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 U.K. The parent company of LS Fashion Limited based in America had made a standard loan investment to the U.K. subsidiary. LS Fashion Limited is fully able to meet the company’s liabilities and pay all suppliers and customers."
And, from the L'Wren Scott team:
“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.”
Originally published on March 18, 2014.
We're all still reeling from the unbelievably tragic suicide of fashion designer L'Wren Scott yesterday. The 49-year-old seemed to have it all: a loving 13-year relationship with Mick Jagger, fame and fortune, and a gorgeous fashion line boasting a devoted celebrity following as well as critical praise. Naturally, everyone is looking for answers.
Reports that Scott and Jagger, who has canceled a Rolling Stones concert in Australia to return to New York, had split have already been discredited. The rocker's rep called the rumors "a horrible and inaccurate piece of gossip during this very tragic time for Mick.” Now, sources are saying that it was the designer's perfectionist streak coupled with financial woes that created more pressure than she could handle.
Fox News is reporting that Scott's London-based company was $5.9 million in debt, which contributed to her canceling her London Fashion Week show last month. At the time, production delays were cited, but now sources allege that money problems forced the cancellation.
“L’Wren really felt the pressure to succeed and having to be something all the time until, I guess, she couldn’t fake it anymore,” a source tells Fox. “So many people wanted a piece of her. So many people had betrayed her personally and professionally; she didn’t know who to trust anymore.”
It's also been alleged that fear of failure, and its potential impact on her relationship with Jagger, was devastating to the statuesque style icon. "She was so crushed by what had happened, and wanted to make things right for everyone,” adds the source. “Also, losing face in an industry she was so respected in was so hard for her to comprehend. She had to deal with all this and couldn't be on tour with Mick, which is where she really wanted to be."
While we can all speculate on causes and explanations, the one truth here is that it's utterly devastating. Fashion has truly lost one of its bright lights. Our hearts go out to Jagger, and all of Scott's family and friends. (Fox News)