Victoria Beckham’s Fashion & Beauty Empire Records Losses Of £66 million

Forum 1 year ago

Victoria Beckham’s Fashion & Beauty Empire Records Losses Of £66 million

The fashion and cosmetics empire of former Spice Girls member, Victoria Beckham reportedly owes £66.3million, despite a year of “double-digit sales growth”.

Latest accounts for Victoria Beckham Holdings Ltd show it made losses of £5,887,036 in 2021, down from £8,581,944 in 2020.

But overall losses stood at £66.3m and the directors were not paid a dividend, despite sales returning to growth, up 13% from £36m to £41m.

The luxury fashion business added new customers in Europe and the Middle East as it expanded across the world.

The annual accounts filed this week said the brand was also expanding into new products, with the launch of leather goods and the VB Body range.

And it said the firm continued to “celebrate its innovative ­skincare collaboration” with Augustinus Bader.

But it “required a cash injection of £2m”, while the “ultimate shareholders provided additional loans of £0.6m to the group”.

The financial records stated that Victoria Beckham Holdings Ltd had won 19 awards for its “luxury, high-performance” products and established a “significant community of loyal customers”.

Victoria’s fashion empire opened a UK warehouse and expanded into the New York store Bergdorf Goodman in 2021.

Her beauty business added Australian and Canadian storefronts, growing in “two top performing markets”.

The report said the results “reflect the ­significant turnaround in the business as it delivers on its plan to profitability of the group”.

After pop success with the Spice Girls, Victoria, 48, launched her own fashion label in 2008.

It was named designer brand of the year in the UK in 2011 and won many celebrity fans.

Victoria was appointed an OBE in the 2017 New Year Honours for services to the fashion industry.