Bono and Ali la­bel racks up losses of €76m

Irish Independent - Business Week - - FRONT PAGE - Gor­don Dee­gan

Cat­walk:

Ali Hew­son, Eve Hew­son and Jor­dan Hew­son at­tend a show for their Edun fash­ion la­bel My­lan Ire­land man­ager Owen McKeon on tack­ling the Dublin squeeze ACCUMULATED losses at the eth­i­cal cloth­ing com­pany con­trolled by Bono and Ali Hew­son soared to $86.4m (€76.5m) last year.

New fig­ures lodged with the Com­pa­nies Of­fice show that Edun Ap­parel Ltd recorded a loss of $5.7m (€5.1m) in the 12 months to the end of De­cem­ber last. The loss last year con­tin­ued the trend of hefty an­nual losses recorded over re­cent years for the firm. The 2017 loss fol­lowed losses of $6.3m in 2016, $7.56m in 2015 and a $5.57m loss recorded in 2014. The firm has recorded accumulated losses of $47m since 2011.

Bono and his wife Ali es­tab­lished the global fash­ion brand in 2004 in an ef­fort to bring about pos­i­tive change through its trad­ing re­la­tion­ship with Africa. It sus­tained a hefty blow in June of this year when lux­ury brand gi­ant LVMH de­cided to exit the busi­ness af­ter the years of con­tin­u­ing losses.

LVMH first in­vested in Edun back in 2009, tak­ing a 49pc stake in the busi­ness. A spokesman for LVMH con­firmed that it would ef­fec­tively re­turn its stake in Edun for no fi­nan­cial con­sid­er­a­tion.

Edun is es­sen­tially funded by “share­holder loans”, the 2017 ac­counts show.

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