VICTORIA Beckham has opened up about her struggle to make her fashion label a success, saying: “I have to cover up.”
The former Spice Girl has opened up about her woes after her self-proclaimed company reported an annual operating loss of more than £10m as it went deep into debt.
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Victoria Beckham has been outspoken about fears her fashion label will fail Credit: Rex Features
Posh revealed: “This is not a vanity project and if I want this brand to still be here in 10, 20, 30, 40 years, I have to cover myself and then I have to be profitable. We are well on our way to achieving it, but it will not happen tomorrow.”
Posh admitted that he made big mistakes running Victoria Beckham Ltd and juggled too much when he launched himself into several different projects.
She says the global fame she shares with her husband David, 43, has put her business under enormous scrutiny, making it difficult to operate.
She added that she became the head of the company only reluctantly, saying, “I wore a lot of hats.”
Victoria, 44, went on to say: “We didn’t have anyone to challenge the suppliers and factories. I think at first I was overpaying for things without knowing it.
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Victoria said the global fame she shares with her husband David Beckham has put their business under a lot of scrutinyCredit: Getty – Contributor
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Victoria spoke of her woes after her company reported an annual operating loss of more than £10mCredit: Getty – Contributor
“I don’t think anyone is taking advantage, I just think my people didn’t know they could defend themselves.”
Luxury clothing brand Posh launched in 2008 and hoped to capitalize on his and Becks’ global reputation as fashion icons.
The mother-of-four was mentored by designer friends, including Marc Jacobs, and focused on the high-end, selling £2,000 dresses and coats for £3,000.
Over the past ten years, the company has opened offices in New York, Hong Kong and London, and today the brand is sold in 400 outlets in more than 50 countries.
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But despite making annual sales of more than £42m, the company is losing £4,000 a day and has been in the red for most of the last decade.
In 2016 it was forced to take out £12m of bank loans and last year’s £10.2m loss came despite a £30m injection from NEO Investment Partners, which took a 28 per cent stake. Posh has been forced to lay off a third of his staff.
Victoria Beckham Ltd is now co-owned by NEO, music mogul Simon Fuller’s XIX Entertainment and Beckham Brand Holdings, which also owns David’s namesake company.
Fortunately, David Beckham Limited’s profits continue to grow and he has earned £80m in the last three years, keeping his joint venture in positive numbers.
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Victoria’s company is losing £4,000 a day despite annual sales of over £42m Credit: Rex Features
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Victoria described Harper as a little boy and said her children don’t want to follow in their father’s footsteps on the football fieldCredit: instagram/victoriabeckham
Victoria mentioned her husband several times in her interview with The Financial Times, noting how they both work “really hard”.
She also spoke poignantly of how her sons Brooklyn, 20, Romeo, 16, and Cruz, 14, decided not to follow their dad into soccer, describing Harper, 7, as a little kid.
She said: “All three guys had contracts with Arsenal.
“Brooklyn was the first to say they didn’t want to play anymore. And then Romeo decided he didn’t want to either.
“I remember Romeo said, ‘I don’t want to let Dad down.’ So I told him that Dad just wants you to be happy. Now he plays tennis. Every day.”
Victoria also said that she will never perform with the Spice Girls again and that David is her fashion critic.
She said she recently asked him, “Why are you wearing those sweaters with those big sleeves? And why are you wearing such baggy pants?”
Victoria Beckham shows off her latest collection at London Fashion Week at Tate Britain
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Source: newstars.edu.vn