Stella McCartney is selling her luxury fashion stock at budget store TK Maxx after her business suffered losses of nearly £32million last year

Stella McCartney has sold her luxury shares in budget store TK Maxx after her company posted losses of nearly £32million last year.

The fashion designer and daughter of Sir Paul McCartney, 50, has a flagship store on Old Bond Street, London, but went to the website to change her clothes.

Several items of clothing have been reduced in price, including sunglasses costing 65% less than the recommended retail price of £170.

For sale: Stella McCartney has sold her luxury stock at budget store TK Maxx after her business suffered losses of nearly £32million last year

A faux fur jacket worth £855 is down to £299 and a £1,635 mac khaki jacket is now selling for just £399.

Elsewhere, a knitted jumper was reduced by 69% to £399 and online shoppers were able to save £1,955 on a jumpsuit.

It comes after losses hit nearly £32million in 2021 – and the company has still not paid him over half a million pounds owed to him.

Cheap: The <a class=fashion designer and daughter of Sir Paul McCartney, 50, has a flagship store on Old Bond Street, London, but went to the website to change clothes” class=”blkBorder img-share” style=”max-width:100%” />

Cheap: The fashion designer and daughter of Sir Paul McCartney, 50, has a flagship store on Old Bond Street, London, but went to the website to change clothes

The fall has been so significant that accounts show a £531,000 dividend due to Stella two years ago has not been paid, despite receiving £2.4million last year.

Account figures show sales fell from £42.5m in 2018 to £38.2m in 2019.

Higher administrative costs and expenses resulted in a loss of £32 million compared to a loss of £11 million the previous year.

Losses: This comes after losses hit nearly £32million in 2021 – and the company has still not paid him over half a million pounds owed to him

Losses: This comes after losses hit nearly £32million in 2021 – and the company has still not paid him over half a million pounds owed to him

The drop in sales happened before the global pandemic and the company said the post-lockdown recovery would be gradual.

And the company owned by Stella said in the report that the Covid crisis had hit the business hard.

The accounting documents stated: “Our business has been significantly impacted by the Covid 19 outbreak and we expect the recovery of our medium-term sales levels to be gradual.”

“Before the Covid 19 outbreak, we were making good progress in delivering on our strategy.”

Flagship product: McCartney's boutique in Mayfair, one of 51 stores selling its clothing worldwide

Flagship product: McCartney’s boutique in Mayfair, one of 51 stores selling its clothing worldwide