Penny Lancaster-Stewart (born on 15 March 1971) is an English model and photographer. She is probably best known for her modeling work for designer lingerie brand Ultimo. She is married to rock singer Rod Stewart.
In 2002 Lancaster signed up to be the face of designer lingerie brand Ultimo for a reported £200,000. Lancaster was seen to be a success at promoting the brand raising its profile, especially in the UK, but two years later, Lancaster's contract was not renewed. A source for the company stated "Penny has got the company some great publicity in the past year, but we felt we needed someone who has a bigger international profile. Penny is a very sexy girl, but isn't known outside England." Shortly after UK tabloids began to reporting that supermodel Rachel Hunter was being lined up as the new face of the company. This created a huge tabloid interest as Lancaster was then dating singer Rod Stewart who at the time was divorcing Hunter. After it was confirmed that Hunter had been signed, newspapers printed pictures of the two modeling the same underwear comparing the two and claiming they were in a bitter feud.
Ultimo boss Michelle Mone said that she had always wanted Hunter to model the clothes as her original target, and only went for Lancaster at £200,000 because she was cheaper than the £1million it later cost her to sign Hunter.
Stewart was upset about the way Mone treated Lancaster and launched a verbal attack on her branding her "a manipulative cow" and saying "Penny worked her bloody arse off for Michelle. Michelle’s treated her horribly — she is a nasty piece of work. If this drums up more publicity for her bra company I hope Michelle chokes on the profits" and then adding "Anyway, I can’t stand her Ultimo stuff."
Both Lancaster and Hunter have reportedly called a truce over the incident.
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