Victoria Beckham’s namesake fashion brand has reportedly acquired debts of £53.9m.
According to a report by The Mirror, the fashion brand, which sells pairs of jeans for £400 and jumpers for £500, along with Beckham’s new make-up firm, lost £6.6million in 2020 and was up to £15.6m in debts in 2019.
A spokesperson for the brand confirmed the figures to The Mirror.
The report states: “Total revenues for the Victoria Beckham Holdings group fell 6 per cent 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 per cent, 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.”
In spite of the loss, David and Victoria Beckham’s joint empire reportedly still managed to double its profits, bringing in £11.6m in 2020.
The news comes after Victoria Beckham’s daughter-in-law, Nicole Peltz, addressed the rumoured feud between the pair.
During an interview with Variety published on Wednesday, the 27-year-old actor was asked why she thought the claims about her and Victoria were made in the first place.
Peltz Beckham said it could be due to her wearing a Valentino couture gown at her wedding – instead of a dress designed by her mother-in-law.
“I was going to and I really wanted to, and then a few months down the line, she realised that her atelier couldn’t do it, so then I had to pick another dress,” she said.