No one would have thought that the Formula One billionaire Bernie Ecclestone's daughter would end up in a huge debt over a bag brand.
Petra Stunt with an estimated net worth of $300 million is facing a financial crisis. Her accounts show how her debts skyrocketed from £2.65 million previously to a staggering amount of over £4 million in debt.
It was September 2011, when the 26 year old millionaire launched her fashion collection- Stark. Her bags and purses were up for sale with prices ranging from £400 to £3,000 . The collection are made from python and alligator skin. Due to poor turn out on sales, Stark collection has been suspended after Petra amassed a huge amount of debt.
But according to a spokesperson, "Petra has put her Stark fashion label on hold to allow her to concentrate on her newly born twin baby boys and young daughter for the foreseeable future," the Daily Mail claims.
This is not the first time she faced such issue, for back in 2008, she also launched a male clothing line-FORM and the venture lasted for only 14 months, even when she already had financial assistance from her billionaire father.
During the launching of her new foray Stark, the young entrepreneur commented about FORM, claiming that the failure was due to the competition and saying that Stark already captured the market.
"It was a very difficult economic climate; when confidence is low, consumers spend their money on established brands rather than taking a punt on an unknown. But I feel Stark handbags have really captured the mood - they're already in Harrods, Harvey Nichols and Selfridges."
But suddenly, earlier this year, retailers refrain from selling her brand.
Petra is currently living in a £100 million Chelsea mansion with her entrepreneur husband, James Stunt and their three children.
It was 2011 when the couple married in Italy, in a fancy £12 million wedding at Odescalchi Castle.
