Stella McCartney to shrink staff, stores

The Stella McCartney business is restructuring amid the COVID-19 pandemic.

"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," WWD reported. 

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"We have started with asking people to reduce their salaries for an extended period, and Stella herself is leading by example and has foregone her salary completely during this difficult period," Maggio noted.