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| Losses mount at Victoria Beckham's fashion label | Losses mount at Victoria Beckham's fashion label |
| (30 days later) | |
| Victoria Beckham’s fashion label has sunk further into the red despite a 17% rise in sales. | Victoria Beckham’s fashion label has sunk further into the red despite a 17% rise in sales. |
| The former Spice Girl’s company, Victoria Beckham Limited (VBL), will file accounts this week that reveal an operating loss of £10.2m in the year to December 2017, widening from £8.2m the previous year. Revenues rose to £42.5m. | The former Spice Girl’s company, Victoria Beckham Limited (VBL), will file accounts this week that reveal an operating loss of £10.2m in the year to December 2017, widening from £8.2m the previous year. Revenues rose to £42.5m. |
| Details of dividends paid to Beckham and her husband, David, are expected to be revealed later this week when the couple’s joint company also files its accounts. | Details of dividends paid to Beckham and her husband, David, are expected to be revealed later this week when the couple’s joint company also files its accounts. |
| Losses widened for VBL despite the success of Beckham’s limited edition range with the US high street chain Target and a makeup line with Estée Lauder. Sales rose at the main Victoria Beckham ready-to-wear range, which this year celebrated its 10th anniversary with its first show at London fashion week, as well as accessories and eyewear. | Losses widened for VBL despite the success of Beckham’s limited edition range with the US high street chain Target and a makeup line with Estée Lauder. Sales rose at the main Victoria Beckham ready-to-wear range, which this year celebrated its 10th anniversary with its first show at London fashion week, as well as accessories and eyewear. |
| The company raised £30m a year ago from NEO Investment Partners, which has also backed the British designer Tom Dixon, the French bakery Paul and the Italian leather goods firm Valextra. | The company raised £30m a year ago from NEO Investment Partners, which has also backed the British designer Tom Dixon, the French bakery Paul and the Italian leather goods firm Valextra. |
| Against a difficult trading environment this year, VBL said it had been “investing for future growth and building its senior leadership team”. | Against a difficult trading environment this year, VBL said it had been “investing for future growth and building its senior leadership team”. |
| A statement said shareholders were committed to helping the brand break even in the medium term by cutting costs as well as driving growth. | A statement said shareholders were committed to helping the brand break even in the medium term by cutting costs as well as driving growth. |
| Since NEO came on board the company has appointed Paolo Riva, a former boss of Diane von Furstenberg, as chief executive alongside the chairman, Ralph Toledano, a fashion industry veteran who brought the designer Phoebe Philo to Chloé. | Since NEO came on board the company has appointed Paolo Riva, a former boss of Diane von Furstenberg, as chief executive alongside the chairman, Ralph Toledano, a fashion industry veteran who brought the designer Phoebe Philo to Chloé. |
| Riva, who joined in September, said: “We will continue to invest in growth markets such as the US and Asia whilst also ensuring we have the right strategy to ensure profitability over the medium term.” | Riva, who joined in September, said: “We will continue to invest in growth markets such as the US and Asia whilst also ensuring we have the right strategy to ensure profitability over the medium term.” |
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