Michelle Georgina Mone, known as Baroness Mone, is a notable Scottish entrepreneur and life peer whose journey has included remarkable business success, active political engagement, and significant public controversies. From founding the lingerie brand Ultimo to becoming embroiled in the PPE Medpro scandal during the COVID-19 pandemic, Mone’s life story reflects a blend of ambition, innovation, and complex challenges.
Early Life and Entrepreneurial Rise
Born Michelle Allan on October 8, 1971, in Glasgow, Scotland, Michelle Mone grew up in the working-class neighbourhood of Dennistoun. Her family lived modestly in a one-bedroom home without a bath or shower until she was ten. Childhood hardships included the loss of her younger brother at age eight to spina bifida and her father’s battle with cancer leading to paralysis of his legs. Leaving school at 15 without qualifications, she briefly pursued modelling before entering the marketing field.
Her early marketing career included a role at Labatt brewing company, where she rose within two years to become head of marketing in Scotland an achievement she later admitted involved inventing qualifications to secure the position. After losing her job, Mone used her redundancy payment to launch her own business at age 23, setting the foundation for her future ventures.
Business Ventures: The Ultimo Legacy and Beyond
In 1996, Michelle and then-husband Michael Mone founded MJM International Ltd, which became the umbrella for their business activities. The brand Ultimo, launched in 1999 at London’s Selfridges, was a breakthrough in lingerie, introducing the Ultimo bra that combined cleavage enhancement with comfort. The idea came from Mone’s personal discomfort and her discovery of new silicone materials during a Florida holiday. Ultimo expanded to shapewear and backless dresses, growing MJM International alongside.
Though the company flourished, Mone faced disputes, including a 2014 unfair dismissal claim after authorizing workplace bugging, and controversies over tax avoidance strategies using employee benefit trusts that delighted critics, including then-Chancellor George Osborne. She denied wrongdoing, attributing financial affairs to her former husband. By 2014, she sold 80% of Ultimo Brands International to MAS Holdings and relinquished her directorships a year later.
Other ventures included partnering in the weight-loss pill TrimSecrets, producing a fake tan product through Ultimo Beauty, and ambitious overseas property developments in Dubai priced in bitcoin. Mone also ventured into cryptocurrency with Equi Capital, though the ICO failed to meet fundraising targets and investors were refunded.
Michelle Mone Net Worth and Financial Profile
Michelle Mone’s net worth has been shaped predominantly by her entrepreneurial endeavors and business stakes. Though exact figures vary, estimates place her wealth in the multimillion-pound range, influenced by the sale of her shares in Ultimo and subsequent ventures. A notable component involved PPE Medpro, a company linked to her and husband Doug Barrowman, which secured £200 million in UK government contracts for personal protective equipment during the COVID-19 pandemic and reportedly made a £60 million profit.
The financial benefits from PPE Medpro stirred controversy, especially because some products were found defective and unused by the NHS. Further complexities emerged when reports revealed £29 million of PPE Medpro profits were transferred into a trust benefiting Mone and her children through offshore arrangements.
The PPE Medpro Controversy
PPE Medpro, incorporated in May 2020, quickly landed lucrative government contracts to supply PPE amid the UK’s COVID crisis. Mone and Barrowman were initially touted as uninvolved, with denials from their lawyers during 2020. However, leaked documents, emails, and Freedom of Information requests disclosed that Mone personally lobbied ministers, including Michael Gove and Theodore Agnew, to secure contracts through a VIP fast-track lane.
The contracts were awarded amid waivers on standard competitive procurement processes under emergency regulations. The controversy deepened with whistleblower reports, police raids on Mone’s homes and offices, and investigations by the House of Lords Commissioner for Standards and the National Crime Agency for potential fraud and bribery.
In December 2023, after years of denials, Mone admitted involvement in PPE Medpro during a BBC interview and apologized for misleading statements, though she maintained no wrongdoing. The government sued PPE Medpro for £122 million over defective medical gowns. The scandal significantly affected her public image and political career.
Personal Life: Family and Relationships
Michelle Mone was married to Michael Mone, with whom she had children, before their separation in 2011. She later married Doug Barrowman in 2020, a businessman with whom she collaborated on various ventures including crypto projects and real estate developments. The couple resides in London and owns property on the Isle of Man. Her role as a mother and business partner is integral to her public identity.
Political Career and Public Life
Identified politically as a Conservative life peer from 2015 until a recent departure from party affiliation in 2023, Baroness Mone’s parliamentary career has been marked by uneven attendance and vocal stands on tax and social welfare issues. Formerly a Labour supporter, she switched allegiance due to disagreements over tax policy.
She gained a life peerage in 2015, appointed to the House of Lords, where she was tasked with reviews on entrepreneurship and small business development, especially in deprived areas. Despite pledges to be an active member, her attendance has been criticized as low, missing key debates such as on Brexit legislation.
Her first vote in the Lords rejected delaying government cuts to tax credits aiding millions of low-income families, provoking significant public backlash and sparking debates over her stance on poverty and welfare. Subsequently, she expressed regret over the vote.
Her political profile has also been clouded by the PPE Medpro investigations, prompting a leave of absence cited as necessary to clear her name.
Current Status and Legacy
Michelle Mone today remains a controversial but influential figure in British business and politics. Her story from modest Glasgow roots to the Houses of Parliament and boardrooms maps a narrative of ambition, resilience, and complexity. While her entrepreneurial creativity brought notable success, the PPE Medpro scandal introduced grave reputational risks impacting her public and political standing.
Balancing public service with private ventures and managing scrutiny in the digital age presents ongoing challenges for Baroness Mone. Her future trajectory will likely continue blending business innovation with political engagement amid efforts to restore trust and transparency.
