Victoria Beckham finally has some positive business news after fashion line loss
Victoria Beckham can celebrate after her fashion business is finally showing a profit, according to reports.
Last year, the Mirror reported the mum-of-four's company was in the red to the tune of £53.9m with £29m owed to the Beckham's other ventures last year.
However, after the success of her make-up range as well as sought after bags, belts and sunglasses, the artist formerly known as Posh Spice, 48, is said to be back in the black.
In an interview to celebrate the news, her brand's investor, David Belhassen, has shone a rare spotlight on brand VB.
He says that revenues are up by a huge 42 per cent to £58 million — and predicts that when the business files accounts for the 2022 financial year this coming December, critics of Victoria will be forced to eat crow.
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Victoria Beckham's fashion business is said to have finally turned a corner (Dave Benett/Getty Images)
The designer reportedly owed £29m owed to the Beckham's other ventures last year (Dave Benett/Getty Images for Hugo Boss)The news reported in the Women's Wear Daily (WWD) is certainly a turnaround from three years ago when Victoria's fashion line and make-up firm lost £6.6million in 2020. In 2019, it racked up £15.6m in debts.
A report said: “Total revenues for the Victoria Beckham Holdings group fell 6% to £36.1m (2019 – £38.3m) 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."
They're worth millions (davidbeckham/Instagram)A spokeswoman for Victoria confirmed the figures for her fashion label – which sells £500 jumpers and £400 jeans – were accurate.
Victoria unveiled her latest collection at Paris Fashion Week this month.
The designer was joined by her husband David and kids Brooklyn, Cruz and Harper.
Also rocking up at the star-studded event was Posh's daughter-in-law Nicola Peltz.
Victoria with her family at PFW
Brooklyn and Nicola were also thereRumours of a feud between the women have been circulating ever since the billionaire's daughter tied the knot with Brooklyn last year.
Reports had initially suggested the pair were at war over Nicola’s wedding dress, after she wore a custom Valentino gown instead of one designer by her mother-in-law.
However speaking to Variety last summer, the actress said the dress decision came down to logistics and nothing else.
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Nicola explained: "I was going to [wear Victoria Beckham] and I really wanted to, and then a few months down the line, she realised that her atelier couldn't do it, so then I had to pick another dress. She didn't say you can't wear it; I didn't say I didn't want to wear it. That's where it started."
The Mirror has contacted Victoria's reps for comment on this story.
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