Victoria Beckham’s fashion label has posted a £10 million loss, despite a 17% rise in revenue.
Sales at Victoria Beckham Ltd grew and revenue increased to £42.5 million but the “difficult trading environment” and increased investment in future growth and leadership team caused losses to widen by £2 million.
Paolo Riva, the group’s new chief executive, said: “We will continue to invest in growth markets such as the US and Asia whilst also ensuring we have the right strategy to ensure profitability over the medium term.”
“I look forward to working with Victoria and team to steer the brand to the next phase.”
In November last year, Victoria Beckham’s fashion label announced big expansion plans through a £30 million investment from Neo Investment Partners.
“Partnership and collaboration is incredibly important to me – working with an amazing team has been the root of the success of my business over the past 10 years,” said Beckham in a statement. “Neo is the perfect partner to now accompany us on the next step of our journey.”
The group currently hires 180 people worldwide and the brand operates in over 50 countries worldwide.