Victoria Beckham’s high-end fashion company ‘has debts over £53,000,000’

metro.co.uk:

Victoria Beckham’s high-end fashion label has debts of £5.3million and doubts have been cast over its future, according to reports.The 48-year-old fashion designer and wife of former England footballer David Beckham first launched her fashion line in 2008.Starting with just a single line of dresses, the brand has now expanded into a range of items with a hefty price tag with products including £400 jeans and £500 jumpers.The designer brand and her new make-up firm lost £6.6million in 2020, and in 2019 it had £15.6m in debts according to accounts filed with Companies House.The company currently has debts of £53.9m, with £29m owed to the Beckhams’ other business ventures.A spokeswoman for Victoria confirmed the figures for her fashion label were accurate in a statement to The Mirror, citing the Covid-19 pandemic as the reason for the losses.A report said: ‘Total revenues for the Victoria Beckham Holdings group fell 6% 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.‘Victoria Beckham Beauty continues to expand its portfolio with a number of successful product launches in this year with best in class in clean luxury beauty and skincare.’Additionally, it emerged in February 2021 that Victoria’s beauty range she set up in 2019 had suffered a loss of £4.7million.Despite the losses, the Beckham’s global empire reportedly doubled its profits, raking in £11.6million, according to accounts filed with Companies.