(FORTUNE Magazine) – How cheesy. The first product to earn the official logo of the Diana, Princess of Wales, Memorial Fund is a tub of margarine. A spokeswoman for The Memorial Fund (which is sniffy about capitalizing the "T") says that it isn't actually endorsing Flora margarine, made by Van den Bergh Foods. Diana's signature appears on Flora margarine to publicize the company's sponsorship of the London marathon, which is raising money for The Memorial Fund--$2.13 million to date.

"In the mind of the consumer, it is a product endorsement," counters Allyson Stewart-Allen, director of London's International Marketing Partners, a market research outfit. "What's next? Feminine-hygiene products? Contraception? We don't even know that Diana ate this margarine."

Former Prime Minister John Major, the independent, court-appointed guardian for Diana's two sons, seems to agree. "The Princess' reputation is very precious to her family and friends, and her memory deserves respect," says Major in an official statement. "Decisions on the granting [of licensing and sponsorships] should be taken in a way that preserves the dignity of the Royal Family...." That may be more than one could hope for at this point, but if it's going to be preserved at all, odds are it won't be in a tub.

--Janet Guyon