Victoria Beckham’s namesake fashion firm has reportedly amassed debts totalling £53.9 million.
Fashion: According to The Mirror, the fashion label, which offers pairs of trousers for £400 and jumpers for £500, lost £6.6 million in 2020 and was up to £15.6 million in debts in 2019.
A spokeswoman for the brand confirmed the data to The Mirror.
According to the report: “Total revenues for the Victoria Beckham Holdings group fell 6 per cent 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 per cent, 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 many successful product launches this year with best in class in clean luxury beauty and skincare.”
Despite the setback, David and Victoria Beckham’s joint business is expected to treble its profits to £11.6 million in 2020.
Nicole Peltz, Victoria Beckham’s daughter-in-law, addressed the rumoured conflict between the two.
During an interview with Variety published on Wednesday, the 27-year-old actor was questioned why she thought the charges about her and Victoria were fabricated in the first place.
Peltz Beckham speculated that it could be because she wore a Valentino couture gown to her wedding instead of a gown designed by her mother-in-law.
“I was going to, 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 told.