Victoria Beckham’s brand reportedly facing 54 million pound debt
Victoria Beckham’s clothing company is reportedly facing debts of 53.9 million pounds.
According to the Mirror, a spokesperson for the former Spice Girl confirmed the figures were accurate.
The publication said the eponymous brand and Beckham’s new make-up line lost around 6.6 million pounds in 2020 after it had already racked up debts of 15.6 million pounds in 2019.
The spokesperson added that Victoria Beckham Holdings group saw its total revenues fall by six percent to 36.1 million pounds due to the aftermath of the pandemic.
The statement continued: “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 percent, thanks to cost efficiencies across the business and the recalibration of its business model to make it sustainable for the longer term.”
Despite losses, annual accounts filed with Companies House in London showed David and Victoria Beckham’s empire had in fact doubled its profits, bringing in 11.6 million pounds in the year ending December 2020 – compared to 4.5 million pounds in 2019.