Ivanka Trump’s decision to shut down her clothing brand because of her work in Washington resulted in income losses in 2018, according to new personal financial disclosure forms released Friday.
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| Jared Kushner and Ivanka Trump attend a wreath laying ceremony at Westminster Abbey in London on June 3 |
In 2017, Trump reported income of over $5 million from the brand. In 2018, she reported earning between $1 million and $5 million, the new disclosures show.
The president’s daughter, who is also a White House senior adviser, shut down her namesake clothing and jewelry brand in July 2018, as the brand suffered backlash from the president’s policies and rhetoric and revenue losses after several national retailers decided to stop selling its products.
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Trump and her husband, Jared Kushner, earned a minimum of $29 million in 2018, according to personal financial disclosures filed last month with the Office of Government Ethics. In 2017, the couple’s reported minimum income was $82 million.
It is not possible to determine the exact amount of income losses or net worth, in part because the Office of Government Ethics uses broad ranges for assets and liabilities.
Kushner, who is also a White House senior adviser, reported earning between $1 million and $5 million from Quail Ridge LLC, a residential real estate company in Plainsboro, N.J. The amount was lower than what was reported in the previous year, new disclosures show.
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READ MORE The president’s daughter and son-in-law had assets ranging between $181 million and $755 million, according to the disclosures.
Ivanka Trump and her husband retained ownership of their personal businesses after the president took office and they took on new roles as White House advisers. Ethics experts and critics have raised concerns over potential conflicts of interest and possible influence from foreign entities.
The couple’s income losses are the latest sign of troubles suffered by the family business under the Trump presidency.
For example, the Trump property in Doral — a major moneymaker for the company — has experienced an overall decline in revenue since Trump took office, according to documents obtained by The Washington Post.
After the 2016 election, the president’s eldest sons had planned two new lines of hotels, Scion and American Idea, in an effort to expand the family business and push into new markets that had voted for their father. But the plans have been halted.
Revenue at the Mar-a-Lago Club in Palm Beach, Fla., dropped 10 percent in 2018, The Post reported last month.
The couple also have at least $22 million in bank loans for their various businesses. During 2018, Kushner also reported that his business purchased three residential properties in Brooklyn worth $1.5 million and a hotel in Long Branch, N.J., worth at least $1 million.
Ivanka Trump, as she did in 2017, earned $3.9 million last year from her stake in the Trump International Hotel in Washington, a popular gathering spot for Republicans and those with business before the Trump administration.
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