Georgia May Jagger spoke recently of her jet-set lifestyle, zipping between the Venice Film Festival, Cote D’Azur and New York on fashion assignments.
Yet the 31-year-old model, daughter of Sir Mick Jagger and Jerry Hall, may have to switch her focus to her skincare range which has amassed losses of almost £500,000, according to Daily Mail’s Richard Eden.
It comes after Sir Mick, 80, hinted that his share of the Rolling Stones‘ back catalogue will be given to charity instead of his children.
Newly filed accounts for her business, Catfish Soup Ltd, show the company founded six years ago is still leaking cash.
Creditors are owed almost £1.5 million. If it wasn’t for £866,000 owed by debtors, the losses would be much bigger.
Oh no: Georgia May Jagger, 31, has amassed losses of £500,000 on her skincare range after Sir Mick hinted his children won’t inherit his $500 million fortune
Paperwork says Georgia, the company’s sole director, is ‘satisfied she can continue to support the company’.
Rocker Mick said his eight children ‘don’t need $500million (£400m) to live on’, so he has seemingly come up with another way to donate his fortune.
In an interview with The Wall Street Journal, he said leaving the money to charity might ‘do some good in the world’.
The Stones were forced to learn how to handle themselves financially after facing serious problems with ownership rights.
They still don’t own the rights to their catalogue before 1971 – which includes many of their biggest singles such as Satisfaction, Paint it Black and Jumpin Jack Flash.
The band hired accountant Allen Klein to stabilise their finances in the 1960s.
Allen had worked with The Beatles and the Kinks and negotiated a lucrative deal for the Stones with Decca but when the partnership ended managed to retain ownership of their catalogue for the years in which he managed them – from 1965 to 1970.
The Stones received millions of pounds in royalties – but not as much as if they’d owned the music outright.
Bad news: Newly filed accounts for her business, Catfish Soup Ltd, show the company founded six years ago is still leaking cash
Big ideas! It comes after Sir Mick , 80, hinted that his share of the Rolling Stones ‘ back catalogue will be given to charity instead of his children
Other music stars have sold the rights to their work in recent years, including Bruce Springsteen, Paul Simon and Sting. No decisions have been taken on the Stones’ catalogue.
While Mick may be concerned about what will happen to his money once he’s gone, he said recently that their music may live on much longer
This week he discussed the possibility of The Rolling Stones outlasting his lifetime with the rise of AI technology in the music industry.
The frontman discussed the possibility of a ‘post-humous tour’ with AI avatars depicting himself and his fellow bandmates on stage.
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