Victoria Beckham’s fashion and beauty business narrowed its losses last year as sales soared by 52% to £89m.
The company said sales rose online, at its flagship Mayfair store in central London and through wholesalers, helping cut 2023 losses to £200,000 from £900,000 the year before.
Sales growth at Victoria Beckham Ltd comes after a revamp of the brand – including expanding into leather goods and beauty – since the private equity group NEO invested £30m in 2017 for an undisclosed but significant minority stake.
After a tough 2022, Victoria, her husband, the former England footballer David, and NEO injected £6.9m to keep the business going.
Last year’s expansion into new product areas helped Beckham outperform many luxury goods brands, which have struggled as rising interest rates and China’s economic slowdown have taken their toll on the market.
Fashion is also in competition with travel and other experiences for a share of household budgets.
The former Spice Girl launched her first fashion collection in 2008 and the brand has retained a high profile, boosted last year by a capsule collaboration with the high street chain Mango and a hit Netflix documentary on David. The streaming company has also started work on a documentary series on Victoria.
