Pass notes 3,144: Karen Millen

http://www.guardian.co.uk/business/shortcuts/2012/mar/19/iceland-europe-news

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<strong>Appearance:</strong> determined blond entrepreneur, dressed in Karen Millen.

<strong>That's a coincidence.</strong> What is?

<strong>That she's called Karen Millen, and she's dressed in Karen Millen. What are the odds?</strong> Listen to yourself. Karen Millen is the designer who co-founded the fashion firm that bears her name. How hard is that to grasp?

<strong>So Karen Millen the person and Karen Millen the brand are one and the same?</strong> Well no, not exactly. After they divorced in 2001, Millen and her former husband gradually sold off their interest in the company in a series of complex deals that left them heavily exposed when Iceland's economy collapsed in 2008.

<strong>In that case, what's she got to be so determined and entrepreneurial about?</strong> Karen Millen the person is now trying to get Karen Millen the brand back. "I am not going to rest until I have my company completely restored to me," she said.

<strong>How's she going to do that?</strong> She and ex-husband Kevin Stanford are suing what's left of the Icelandic bank Kaupthing.

<strong>It's nice that they still enjoy doing things together.</strong> Millen is also gearing up for a trademark dispute with Kaupthing's administrators, and Stanford is pursuing a separate claim to regain a 25% interest in Mulberry.

<strong>What's the big deal about Karen Millen anyway? It's just frocks.</strong> What began in 1981 with Millen and her husband selling white shirts to friends grew into a blingy fashion label favoured by the likes of Christian Aguilera, Tulisa, Zooey Deschanel and Natasha Bedingfield.

<strong>Well done, person/brand Karen Millen.</strong> At its height the company had 90 international stores around the world selling clothes, bags, shoes and accessories. By 2008 Millen and Stanford had stakes in other high street names including Oasis, Whistles, House of Fraser and French Connection.

<strong>Where did it all go wrong?</strong> In exchange for her brand, Millen ended up with assets that included a 7% interest in Mosaic, a large retail group backed by toxic Icelandic money.

<strong>Do say:</strong> "Karen Millen unite!"

<strong>Don't say: </strong>"Iceland went bust? What about my loyalty card?"