Victoria Beckham’s clothing range “is being sold at up to 70 per cent off after her company racked up £53.9million in debt, raising doubts about its future”.
Victoria Beckham’s designer purchases are now on sale at a luxury online discounter at up to 70 per cent off after reports her company is £53.9million in debt.
The 48-year-old fashion designer launched her fashion label in 2008 with a small clothing line, but in recent days it has been claimed that the brand has slipped deep into the red with heavy losses.
It has now been revealed that some of Victoria’s products are being sold at a deep discount, with a dress reduced by almost £1,300.
Price cut: Victoria Beckham’s designer purchases are now being sold for up to 70 per cent off at a luxury online discounter after it was reported her company is £53.9million in debt.
From its small beginnings, Victoria’s brean quickly grew into an extensive range that now includes handbags, coats, shoes and accessories.
But now the brand faces an uncertain future as a spokeswoman for Victoria confirmed her fashion label’s numbers to The Mirror.
Luxury online discounter The Outnet has slashed prices on Victoria’s pieces, raising discounts from the usual 30 per cent to a whopping 70 per cent.
Brand: The 48-year-old fashion designer started her fashion label in 2008 with a small clothing collection
A £1,845 turtleneck midi dress with an open back has been reduced to a bargain price of £554, while a £650 leopard print blouse is on sale for £228.
Web has reached out to Victoria representatives for comment.
A report said: “Victoria Beckham Holdings Group’s total revenue fell 6% to £36.1m (2019 – £38.3m) due to the impact of the global pandemic.
“This group has responded quickly to the impact of the pandemic, controlling its cash and spending, resulting in a significant 57% reduction in its operating losses, thanks to cost savings across the business and the recalibration of its business model to make it sustainable over the longer term.
Cut: Luxury online discounter The Outnet has slashed prices on Victoria’s pieces, with discounts boosted from the usual 30 per cent to a whopping 70 per cent
‘Victoria Beckham Beauty continues to expand its portfolio this year with a number of successful launches, including best-in-class in clean luxury beauty and skincare.’
Despite the big losses, Beckham’s global empire has reportedly doubled its profits.
Financial statements filed with Companies House in London showed the couple earned £11.6million in the year ended December 2020, despite the pandemic – compared to £4.5million in 2019.
Savings: A £1,845 open back turtleneck midi dress has been reduced to a bargain price of £554, while a £650 leopard print blouse is on sale for £228
In the accounts filed in 2021, auditors warned of “significant doubts” about the Victoria’s fashion company’s ability to continue operations amid reports that the company had accumulated more than £46million in debt since its inception.
Friends of the star said at the time that she was determined to continue with her venture, despite her critics dismissing it as a vanity project.
One said: “It gives Victoria her identity, she loves it and despite her obvious obstacles she is a countess and a great passion for it.”
Power couple: Despite the huge losses, Beckham’s global empire has reportedly doubled their profits – £11.6million in 2020
In February 2021, it emerged that Ms Beckham’s beauty range, which she founded in 2019, had suffered a £4.7million loss.
A spokeswoman for Ms Beckham said: “Although 2019 was a challenging year, the company cut its losses in half – a significant step on the road to profitability. The launch of the hugely successful beauty line that same year helped boost overall sales by 7% over 2018, and both companies are focused on profitable growth.
“The presentation of the current AW21 fashion collection was well received by fashion critics and the beauty industry has seen several sold-out products in recent months.”
Motivated: Friends of the star say she is determined to continue with her venture, despite her critics dismissing it as a vanity project