Home Entertainment Victoria Beckham’s fashion and beauty empire ‘records losses of £66 million

Victoria Beckham’s fashion and beauty empire ‘records losses of £66 million

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Victoria Beckham Biography, Net Worth, Age, Husband, Maiden Name, Instagram

Victoria Beckham’s fashion company is said to have lost £66.3 million. In 2008, the 48-year-old fashion designer debuted her fashion business with a small range of clothes. It quickly expanded into a wide variety that presently includes purses, coats, shoes, and accessories. The newest records for Victoria Beckham Holdings Ltd indicate losses of £5,887,036 in 2021, down from £8,581,944 in 2020, according to The Mirror.

‘The loss for the year, after taxation and minority interests, amounted to £5,887,036 (2020 – loss of £8,581,944), according to the report.

‘During the 2021 financial year the ultimate shareholders provided additional loans of £0.6m to the group.’

According to the yearly reports, the luxury fashion industry has extended to Europe and the Middle East, and the brand has also expanded into other categories, such as leather goods and the VB Body range.

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Despite the significant losses, the Beckhams’ global enterprise is said to have more than doubled its profits. Despite the pandemic, the duo made £11.6 million in the fiscal year ending December 2020, according to annual records filed with Companies House in London, up from £4.5 million in 2019.

When it was revealed that Victoria’s fashion company had accumulated debts of more than £46 million since its debut, auditors warned of significant uncertainty about the company’s capacity to continue operating in accounts published in 2021.

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Friends of the actress indicated at the time that she is determined to keep running her company, despite the fact that her adversaries have derided it as a vanity endeavor.

‘This is what gives Victoria her identity, she loves it, she loves it and despite its obvious obstacles, she is a grafter and hugely passionate about it.” one person added.

Mrs. Beckham’s beauty line, which she launched in 2019, lost £4.7 million in February 2021, according to reports.

A spokeswoman for Mrs. Beckham said: ‘Whilst 2019 was a challenging year, the business halved its losses – a significant step in the road to profitability. The launch of the hugely successful beauty line in the same year helped drive overall revenues up 7% on 2018 and both businesses are focussed on profitable growth.

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‘The showcase of the recent AW21 fashion collection has been well-received by fashion critics and the beauty business has seen multiple sell-out products in recent months.’

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