Bono and Ali Hewson’s clothing firm has made a dramatic loss over the last year.
The philanthropists created the fashion brand in 2005 so as to bring about positive change through its trading relationship with Africa, and as a force in the contemporary fashion world.
The company, Edun Apparel Ltd, has been in the red over the last few years and last year was a 35% increase on the €5.1million loss recorded in 2014.
“In respect of its mission to source production and encourage trade in Africa, EDUN mixes its modern designer vision with the richness and positivity of this fast-growing continent,” the brand’s website quotes.
The new figures lodged with the Companies Office show that the firm was down €6.8million over the 12 months, according to the Irish Mirror.
The company has made losses over the last few years – €5.8million in 2013, €7.2million in 2012 and €7.7million in 2011.
The figures also show the firm’s cash pile increased from €2million to €2.7million last year.
One of the brand’s highlights though was having the trendy Rihanna sitting front row at the fashion show for their unveiling of the 2015 Spring collection.
Loss: Bono and Ali’s clothing brand has made another loss this over the last 12 months | VIPIRELAND.COM
Luxury goods group LVMH, which owns 49% of Bono and Ali’s clothing firm, is seen in last year’s accounts to have provided the support, investments and infrastructure that helped prop up the firm.
LVMH owns some of the world’s most popular luxury brands including Louis Vuitton, Moet Chandon and Donna Karan.
