Victoria Beckham Halved Losses During 2020

Sales at former pop singer Victoria Beckham’s namesake fashion and beauty brand fell 6 percent in 2020 to £36.1 million ($48.7 million), but its losses diminished significantly thanks to restructuring and cost cutting efforts, the company said.

Fashion sales were hit by retail closures due to the coronavirus pandemic, though that decline was offset in part by the rollout of Victoria Beckham Beauty, which reported £7.3 million in sales in its first full year of trading.

The company trimmed its operating losses by more than half, from £15.6 million to £6.8 million, as the group cut costs and merged its more accessible “Victoria” label with its main designer line, Victoria Beckham.

Beckham’s company, which reports figures on a one-year lag, provided limited guidance for 2021′s performance. The group said it saw double-digit growth in wholesale orders for its pre-spring 2022 collection (the first since merging its lines), but its shareholders (who include Beckham, her husband David, and the private equity fund Neo Investment Partners) continued to prop up the company’s finances, injecting £600,000 in funds during the year.

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