- Ivanka Trump made $US5 million from her fashion label in 2017, the Washington Post reported in June.
- Trump stepped down from the day-to-day operations of the business in January 2017.
- The brand announced on Tuesday it would be winding down its business.
Ivanka Trump’s fashion company announced on Tuesday that it would be shuttering its business.
“After 17 months in Washington, I do not know when or if I will ever return to the business, but I do know that my focus for the foreseeable future will be the work I am doing here in Washington,” Trump said in a statement. “So making this decision now is the only fair outcome for my team and partners.”
The news left many wondering how much of a dent the decision is likely to put in her net worth. While Trump had stepped away from the daily operations of the company in January 2017, she still generated income from the business.
As Ivanka Trump is a private company, it is not required to release sales numbers. But according to The Washington Post, which in June analysed financial disclosure forms Trump is required to submit as a government employee, she made $US12 million from business ventures in 2017 while serving as a senior White House adviser. The largest chunk of that income – $US5 million – came from her clothing brand.
Trump hasn’t had a role in the day-to-day operations of the Ivanka Trump business since January 2017, when she stepped down and was replaced as president by Abigail Klem, who had been with the company since 2013.
Trump placed her company into a trust run by family members and continued to receive a share of its profits.
While her father’s presidency has given the company more attention, it hasn’t always played in its favour. According to The Wall Street Journal, online sales surged at the company in 2016 and early 2017 after it was thrust into the limelight during the election, but since then have trended downwards.
In the past two years, it has also been a central target of a boycott movement headed by Shannon Coulter, a brand and digital strategist, who set up the #GrabYourWallet hashtag to encourage people seeking a way to take concrete action against President Donald Trump to boycott companies – large and small – that do business with the family.
As a result, several brands such as Nordstrom, Jet.com, and Gilt dropped the Ivanka Trump fashion line in the past year.
In July,Hudson’s Bay became the latest store to do so, citing poor performance.Those retailers that do still stock the brand, such as Amazon, Macy’s, Bloomingdale’s, and Amazon subsidiary Zappos.com, have many of her items on sale.
According to Rakuten Intelligence, which looks at aggregated receipts from online purchases, in the past twelve months sales for Ivanka Trump products on those sites had fallen almost 45% compared to a year ago, the Wall Street Journal reported.
Read more about Ivanka Trump’s brand:
- Ivanka Trump’s fashion company is shutting down
- An anti-Trump movement is calling for the boycott of these 23 retailers
- People are congratulating the leaders of a massive anti-Trump boycott for shutting down Ivanka Trump’s fashion line
- Online sales of Ivanka Trump’s brand reportedly plummeted in the last year
- Ivanka Trump is shutting down her fashion company – and reactions reveal another major division in America
- A Canadian department store is the latest retailer to stop selling Ivanka Trump products
- Americans have worse perceptions of Ivanka Trump and Trump Hotels than almost any other brand in the US
- TRUMP: Ivanka’s life would be ‘so much easier’ if she weren’t my daughter
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