Victoria Beckham’s fashion brand that flogs £500 jumpers ‘facing £53.9million debt’
dailystar.co.ukVictoria Beckham’s namesake fashion brand has reportedly acquired a whopping debt of £53.9million.The high-end clothing line, which flogs a pair of jeans for £400 and jumpers for £500, lost £6.6million in 2020, and in 2019 racked up debts of £15.6m.The brand’s woes are down to Covid lockdowns, a report says.
Her beauty range also recorded a £4.7million loss in February 2021.READ MORE: Nicola Peltz hits out at 'people who make you sad' as fans spot Victoria Beckham 'feud'A spokesperson for the designer brand confirmed the figures to The Mirror.The report states: “Total revenues for the Victoria Beckham Holdings group fell 6 per cent to £36.1m (2019 – £38.3m) due to the effects of the global pandemic.“This group rapidly responded to the effects of the pandemic and controlled its cash and expenditure which led to a significant reduction in its operating losses by 57%, thanks to cost efficiencies across the business and the recalibration of its business model to make it sustainable for the longer term.”The losses leave the business in £53.9million in debt, more than half of it to Posh and husband David’s other businesses.Shoppers can now snap up her designer gear at knockdown prices.Luxury online discount store The Outnet has at least 30% off all items in her range.But it has many tops, skirts, blouses, coats and dresses with 70 per cent reductions.
One open-backed £1,845 turtleneck midi-dress is a snip at £554.But despite the big losses, David and Victoria Beckham’s global empire reportedly doubled its profits, raking in £11.6m.Their joint business interests earned the sum in 2020, despite the pandemic.
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