Following the news of L'Wren Scott's death on Monday, various media outlets reported that the fashion designer's business was in debt. A spokesperson Scott is denying any truth to previous financial reports.
A spokesperson for L'Wren Scott said:
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 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.
L'Wren Scott's team said:
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.
According to a tribute former New York Times fashion critic Cathy Horyn posted on her ex-employer's website late Tuesday, Scott was planning to announce the shuttering of her eponymous 8-year-old company on Wednesday, just two days after an assistant found her hanging from a doorknob in her Manhattan apartment.
"I learned since her death that she was planning to close her business, with an announcement, on Wednesday," penned Horyn, who left the Times in late January after 15 years. "Still, as painful as the decision must have been for her, I wouldn't draw any conclusions from it about her state of mind."
On Wednesday, it was confirmed by the New York City medial examiner's office that Scott committed suicide by hanging.