Victoria Beckham has reportedly been offered a loan of £6.4 million pounds, in order to save her clothing brand.
The fashion designer’s brand lost £12.3 million in sales last year, a 20% loss from the previous year.
According to The Sun, a private investment agreement was made, which will allow her to keep control of Victoria Beckham ltd.
Chairman of the business, Ralph Toledano, told The Business of Fashion that the “goal is to reach profitability as soon as possible”.
“We have a great talent in Victoria and, if you take that asset with a dream team, we can do it.”
The company has lost an estimated £35 million since it’s launch in 2008, despite major stars like Meghan Markle, Michelle Obama and Jennifer Lopez supporting the brand.
Speaking to the Financial Times last year, Victoria spoke about her plans for the brand, after she faced more losses.
She said: “If I want this brand to still be here in 10, 20, 30, 40 years’ time, I need to break even, and then I need to be profitable. We’re on the right track to do that, but it’s not going to happen tomorrow.”
Earlier this year, the designer faced heavy criticism for applying to the government’s furlough scheme to pay her staff during the coronavirus pandemic.
After receiving backlash over her decision, Victoria reversed the application, given that her family is worth over €386 million.
On this week’s episode of #GossChats – Ali Ryan chats to Aoife Walsh.
The former Miss Ireland opens up about postponing her wedding, being apart from her fiancé, and the lessons she has learned during lockdown.
#GossChats is sponsored by top Irish aesthetic clinic Haus of JeJuve.
