How Michelle Mone Built Her Fortune

Baroness Michelle Mone’s net worth stands at an estimated $50 million. This figure is now heavily scrutinized following a landmark High Court ruling. The court recently ordered a company linked to her to repay £122 million to the UK government. This decision stems from a failed PPE contract during the COVID-19 pandemic.

The case centers on PPE Medpro, a company she and her husband, Doug Barrowman, were involved with. The ruling has intensified public and legal pressure on the Conservative peer. Her journey from a Glasgow entrepreneur to a figure at the heart of a national scandal is a dramatic one.

From Ultimo Lingerie to the House of Lords

Michelle Mone’s initial wealth was built through her Ultimo lingerie brand. She launched the business in 1996 after re-mortgaging her home. The brand became famous for its gel-filled bras and bold marketing campaigns.

Ultimo was stocked by major retailers like Selfridges. Mone became the public face of the brand, often modeling the products herself. She sold her majority stake in the company in 2014.

Her business success led to a political appointment. According to the BBC, she was made a Conservative peer in the House of Lords in 2015. This was for her services to business and entrepreneurship.

The PPE Medpro Controversy and Financial Fallout

The pandemic marked a sharp turn in Mone’s public standing. In 2020, PPE Medpro was awarded government contracts worth over £200 million. These contracts were secured through a special “VIP lane” for referrals.

The company failed to deliver 25 million sterile surgical gowns as required. A High Court judge ruled the gowns were not validly certified. Evidence showed most sample gowns failed sterility tests.

This ruling forces PPE Medpro to repay the full £122 million contract value. The company is now in administration. Furthermore, the National Crime Agency has frozen £75 million in assets linked to Mone and Barrowman.

Thought you’d like to know

What is Michelle Mone’s current net worth?

Michelle Mone’s net worth is estimated to be $50 million. This fortune was primarily built from her Ultimo lingerie brand. Its current value is impacted by the ongoing PPE Medpro legal and financial issues.

What was the High Court ruling against PPE Medpro?

The High Court ruled that PPE Medpro breached its contract with the UK government. The company must repay £122 million for failing to supply sterile surgical gowns. The judge found the gowns were not properly certified.

How did Michelle Mone make her money?

She first made her fortune by founding the Ultimo lingerie brand in the 1990s. The company saw significant success and media attention. Later financial gains are linked to her husband’s business dealings, including PPE Medpro.

What is the status of the criminal investigation?

The National Crime Agency is conducting a separate criminal investigation into PPE Medpro. As part of this probe, £75 million of assets connected to Mone and Barrowman have been frozen. No charges have been announced publicly at this time.

Has Michelle Mone admitted any wrongdoing?

Mone has publicly denied any wrongdoing. She and her husband have described the High Court judgment as politically motivated. They maintain they are scapegoats for wider government failures in PPE procurement.