Derek Lam CEO Denies Money Woes

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Derek Lam. Photo: Getty Images

Today "Page Six" reports that, according to an insider, Derek Lam expects to lose between $12 and $15 million this year. The insider says this is made worse by CEO Jan Schottlman, who only worked "three times" last month. Today, Schlottman told us the entire item is "completely untrue." Lam isn't required to release sales figures because it's a privately owned company. Schlottman speculates the rumors may have arisen since the label spent money on an ad campaign and new store this year, which attributed to an overall loss. [Page Six/NYP]