Victoria Beckham’s luxury fashion house saw losses widen after the label made a number of key investments back into its business, although it did record an uptick in revenues.
The former Spice Girl’s eponymous brand – which trades from flagship stores in London and Hong Kong, an outlet in Bicester Village plus a direct-to-consumer online store – recorded a loss of £10.2 million last year compared to £8.5 million the year before, which it attributed to investments such as overhauling its website.
Despite falling even further into the red, Victoria Beckham said revenues were up 17 per cent to £42.5 million for the year, representing a leap in sales after last year’s revenue reports came in flat.
While the brands’s operation focuses on its standalone stores in London and Hong Kong as well as concessions in Harvey Nichols and Selfridges, sales were improved by a limited edition range launched the US at discount retailer Target.
Speaking in light of the results, Victoria Beckham said that despite a “difficult trading environment” it had been investing for its future growth and building its leadership team.
The company said shareholders were committed to reducing its losses and that it expected to break even in the medium term.