Victoria Beckham 'cuts prices of hundreds of items in huge sale'

Victoria Beckham ‘cuts the prices of hundreds of clothing items in huge sale’ after her fashion and beauty empire ‘recorded losses of £66M’

Her high end fashion company reportedly has racked up a total of £66.3million of debt since its launch.

And now Victoria Beckham has cut the prices of hundreds of clothing items in a huge sale amid the reported financial trouble.

On the 48-year-old’s website it says: ‘Explore the VB sale with up to 60 per cent off key styles’.

Trouble: Victoria Beckham has cut the prices of hundreds of clothing items in a huge sale amid the financial trouble at her fashion and beauty empire, it has been claimed

Items including sunglasses, coats, gym wear and dresses are included in the offers online. 

For example a green dress in the sale section is down 40 per cent from £990 to £594 while a camel coat is also 40 per cent reduced £1,590 to £954.

A representative for Victoria has been contacted by MailOnline for comment.  

It comes after earlier this week it was revealed that the company reportedly has racked up a total of £66.3million of debt since its launch.

Shock: On the 48-year-old’s website it says: ‘Explore the VB sale with up to 60 per cent off key styles’

The fashion designer launched her fashion label in 2008 with a small collection of dresses. It swiftly grew to an extensive range that now includes handbags, coats, shoes and accessories. 

According to The Mirror, the latest accounts for Victoria Beckham Holdings Ltd show it made losses of £5,887,036 in 2021, down from £8,581,944 in 2020. 

This means overall losses for the firm now stand at £66.3m since its launch in 2008 and directors of the firm – including Victoria and her husband David – were not paid a dividend. 

The study says: ‘The loss for the year, after taxation and minority interests, amounted to £5,887,036 (2020 – loss of £8,581,944

Store: The fashion designer launched her fashion label in 2008 with a small collection of dresses. It swiftly grew to an extensive range that now includes handbags, coats, shoes and accessories

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

The luxury fashion business has expanded to Europe and the Middle East, with the annual accounts saying the brand was also expanding into new products, with the launch of leather goods and the VB Body range. 

A company spokesperson told MailOnline: ‘The shareholders continue to support and invest in the business for growth. The balance sheet is good, there is no bank debt.’

CEO, Marie Leblanc added: ‘2021 saw the successful repositioning of Victoria Beckham Limited and 2022 is set to be an even stronger year. 

Power couple: Despite the big losses, the Beckham’s global empire has reportedly doubled its profits – racking in £11.6 million in 2020

‘We have entered a new chapter for the business and our energy is focused on accelerating growth and taking the brand to its full potential. 

‘With the successful launch of leather goods in 2022 and the continuous acceleration of sales growth in Beauty, we have high expectations.’

Despite the big losses, the Beckham’s global empire has reportedly doubled its profits. Annual accounts filed with Companies House in London showed the pair made £11.6m in the year ending December 2020 despite the pandemic – compared to £4.5m in 2019. 

In accounts submitted in 2021, auditors warned of ‘significant doubt’ about Victoria’s fashion company’s ability to continue operating when it was reported that the company had racked up debts of more than £46 million since it launched.

Friends of the star said at the time that she is determined to continue with her company even though her detractors have dismissed it as a vanity project.

One said: ‘This is what gives Victoria her identity, she loves it and despite its obvious obstacles, she is a grafter and hugely passionate about it.’

In February 2021, it emerged that Mrs Beckham’s beauty range she set up in 2019 had suffered a loss of £4.7 million.

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.

‘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.’

A company spokesperson told MailOnline: ‘The shareholders continue to support and invest in the business for growth. The balance sheet is good, there is no bank debt’ 

Source: Read Full Article