Hollywood actress Gwyneth Paltrow, the subject of much online scorn, has laughed off the latest criticism directed at her - this time coming from none other than lifestyle entrepreneur Martha Stewart.

Daily Mail reported the 42-year-old actress as saying that she is flattered that Stewart sees her Goop lifestyle website as competition.

The actress had hired the former CEO of Martha Stewart Living Omnimedia, Lisa Gersh, to head the expansion of Paltrow's digital brand Goop that was founded in 2008

Stewart, 73, has been quoted as saying this of Paltrow: "She just needs to be quiet. She's a movie star. If she were confident in her acting, she wouldn't be trying to be Martha Stewart."

In an interview with Real Simple editor Kristin van Ogtrop during a talk at the Most Powerful Women Summit in Laguna Niguel, California, Paltrow joked: "No one has ever said anything bad about me before, so I'm shocked and devastated. I'll try to recover."

But she added: "If I'm really honest, I'm so psyched that she sees us as competition."

She also said: "At this point in my life I don't take it personally."

According to Fortune, Gersch left Stewart's company early last year, after just six months at the helm, after disagreeing with Stewart about how to expand her business.