He might be doing it for all the right reasons, but Bono’s ethical clothing company Edun Apparel LTD is losing huge amounts of money.
The company set up by Bono and wife Ali Hewson has lost over $6.4m (€4.87m) in the last 12 months according to company records.
Bono and Ali’s clothing company lost $7.88m (€6m) in 2012 and even worse, lost $8.5m (€6.47m) in 2011.
The married couple started the fashion brand back in 2005, focusing on the positive relationship with traders in Africa.
Losses: Ali and Bono claim they are still happy despite losing money | VIPIRELAND.COM
Despite the huge losses, Bono and Ali state in their report that they are:
“Very satisfied with progress during the year, which was in line with the (Five Year) Strategic Business Plan projections”.
The report outlines that Bono, Ali and the firm’s other directors “are confident that the company is continuing its development strategy of building the ‘Edun’ and ‘Edun Live’ brands and increasing the profitability of the company by improving margin and market share”.
