Victoria Beckham 's fashion label has suffered big losses, with "debts of £53.9million", a representative has confirmed.
The former Spice Girl and mum of four, 48, made quite the transition from footballing WAG to the toast of Hollywood's fashion crowd, but it seems that all is not as rosy as it would seem on the surface.
A spokeswoman for the star told The Mirror: "A report said: 'Total revenues for the Victoria Beckham Holdings group fell 6% to £36.1m (2019 – £38.3m) due to the effects of the global pandemic'.
"This group rapidly responded to the effects of the pandemic and controlled its cash and expenditure which led to a significant reduction in its operating losses by 57%, thanks to cost efficiencies across the business and the recalibration of its business model to make it sustainable for the longer term.
"Victoria Beckham Beauty continues to expand its portfolio with a number of successful product launches in this year with best in class in clean luxury beauty and skincare."
Even though the former Spice Girls' fashion house appears to be in turmoil, the Beckhams' global empire has reportedly doubled its profits. Annual accounts filed with Companies House in London showed the pair made £11.6m in the year ending December 2020 despite the pandemic – compared to £4.5m in 2019.
Auditor accounts submitted in 2021 voiced concerns over the future of Victoria's fashion brand, which has dressed the likes of Julia Roberts, Jessica Biel, Eva Longoria and Cameron Diaz.
A source said of Victoria and her fashion brand: "This is what gives Victoria her identity, she loves it and despite its obvious obstacles, she is a grafter and hugely passionate about it."
Victoria also launched her own beauty and make-up line in 2019, however in February 2021, it was revealed that the line had suffered a loss of £4.7million.
A spokeswoman for Mrs Beckham said: "Whilst 2019 was a challenging year, the business halved its losses – a significant step in the road to profitability. The launch of the hugely successful beauty line in the same year helped drive overall revenues up 7% on 2018 and both businesses are focussed on profitable growth.
"The showcase of the recent AW21 fashion collection has been well-received by fashion critics and the beauty business has seen multiple sell-out products in recent months."
Money troubles seem to be the least of Victoria's worries though, after she's spent the last few months hopping around European hotspots on a giant yacht with her husband David Beckham, and some of their children.
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