Showbiz

Victoria Beckham’s fashion company suffers $16 million losses

by WENN November 29th, 2019, 5:00 am

WENN

Victoria Beckham’s fashion company lost a staggering $15.9 million in 2018.

Losses at Victoria Beckham Ltd grew by 20 per cent during the year to December 2018 due to a sales “plateau”, with the Spice Girls singer-turned-designer failing to maintain a growth in sales of clothing and accessories.

Ralph Toledano, the chairman of the business, told the Business of Fashion: “The performance was in line with expectations, so we were not surprised. Our goal is to reach profitability as soon as possible.

“I firmly believe that our destiny is in our hands. We have a great talent in Victoria and, if you take that asset with a dream team, we can do it.”

However, he added sales have increased in certain segments of the business while losses have been “significantly reduced” in 2019.

The company is controlled by 45-year-old Victoria and her former England soccer star husband David, 44, through Beckham Brand Holdings – which also saw profits from the sportsman’s company DB Ventures fall by half over the course of a year, from $30 million in 2017 to $14.9 million in 2018.

Despite the financial results, the couple still boast an estimated combined wealth of $458.5 million .