Victoria a €63m fashion victim
Posh’s company debts
EXCLUSIVE PHIL CARDY VICTORIA Beckham’s highend clothing company has debts of €63million.
The designer brand and her new make-up firm lost €7.8m in 2020. The year before, it racked up €18.4m in debts.
The outfit, founded by the former Spice Girl in 2008, is still in the red to the tune of €63m – with €34m owed to the Beckhams’ other business ventures.
A spokeswoman for Victoria – who won Designer Brand of the Year at the British Fashion Awards in 2011 and 2014 – confirmed that the figures were accurate.
A report said: “Total revenues for the Victoria Beckham Holdings group fell 6% to £42m (2019 – €45m) 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 this year, with best in class in clean luxury beauty and skincare.”
Despite the big losses, David and Victoria Beckham’s global empire reportedly doubled its profits, raking in €13.7m.
Their joint business interests earned the sum in 2020, despite the pandemic, and the pair took out total dividends of €17.5m, paying €2.9m in tax.
Annual accounts filed with Companies House in London this week show the pair made €13.7m in the year ending December 2020 – compared to €5.3m in 2019. Much of the cash was from David’s tie-ins with firms like adidas, watch maker Tudor and Haig whisky.