Former Spice Girls singer, Victoria Beckham has been advised to bail out her struggling fashion and beauty business with another cash injection, after suffering a loss of more than £8million last year.
Company filings for Victoria Beckham Holdings this week reportedly show that Victoria’s brand made a loss of £8.6m in 2020, with sales dropping by 6% to £36m compared to the previous year.
While addressing the figures, a spokesperson for the designer told Metro.co.uk: ‘In a pandemic year when stores selling Victoria Beckham fashion and beauty are shut, the company managed to halve its losses and grow its online sales in the fashion business and significantly grow its beauty business.’
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They added: ‘The fashion business tightened the management of creation costs: fabrics and samples etc, plus freight costs. IT contracts were also reduced. They also merged the two brands into one which reduced the duplication of costs.
‘A good result in a difficult year.’
Source: metro.co.uk
