L'Wren Scott's fashion label is shutting down

L’Wren Scott’s tragic death just over a year ago shocked the world, including then-boyfriend Mick Jagger, and now her eponymous clothing line is closing. Her British brand, LS Fashion Ltd, is in the process of shuttering after an application was made by director John Hoffman to strike it from the government register.

CLICK ON PHOTOS FOR FULL GALLERYMick Jagger and L’Wren Scott dated for over a decade before her tragic death

The news comes following months of speculation that the line was set to fold, prompted by initial reports last year claiming that the label was in millions of pounds worth of debt and running at a loss of £3.5million. However, at the time the company released a statement denying the ‘hurtful’ rumours.

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,” it read. “Ms Scott was considering a re-structure of her global business.”

There is no doubt that the American stylist enjoyed tremendous success with her work – her designs were a firm celebrity favourite with the likes of Angelina Jolie, Madonna, Penelope Cruz and Sarah Jessica Parker wearing her creations on the red carpet.

Sarah Jessica Parker wearing one of L’Wren Scott’s designs

Rock star Mick recently paid a touching tribute to L’Wren, wearing one of her designs during a performance with the Rolling Stones as they kicked off their tour of North America. The 71-year-old chose a colourful red feathered cape which L’Wren had created for him for a previous performance, as he took to the stage to sing You Can’t Always Get What You Want.

“This was Mick’s way of showing that L’Wren lives on,” a source close to the band told The Mirror. “It was one of her favourite pieces that she had designed for him so he wears it on this tour as a special tribute to her.”

The singer also remembered his late partner on what would have been her 51st birthday, posting a black-and-white photograph on Twitter of a youthful L’Wren sitting down, her long legs revealed under a short skirt. "Remembering L’Wren on her birthday," he wrote alongside the picture.

The musician had been dating L’Wren for over a decade, and was said to be ‘shocked and devastated’ at the news of her death – he was in Australia at the time.

I am still struggling to understand how my lover and best friend could end her life in this tragic way,” he wrote on his website shortly after the news. “We spent many wonderful years together and had made a great life for ourselves. She had great presence and her talent was much admired, not least by me.”

HELLO! Canada magazine is available for your tablet and smartphone. Get HELLO! Canada, PEOPLE, Vanity Fair and over 100 more of the world’s best magazines for one low monthly price at Texture by Next Issue. CLICK HERE to sign up for a free trial.