Victoria Beckham has opened up about the downward spiral for her fashion business that saw her rack up losses of over £66 million.
The 51-year-old designer launched her fashion label in 2008 with a small collection of dresses.
It swiftly grew to an extensive range that now includes handbags, coats, shoes and accessories but after frivolous spending she quickly began to make a loss and was forced to rely on handouts from her husband David Beckham to bail her out.
In 2023 she finally started making a profit for the time in 15 years – with an £890 clutch bag, a £30 eyeliner and a carefully orchestrated social media strategy which saw her post make-up tutorial videos on TikTok credited with the turnaround.
Yet in her new Netflix series, businessman David Belhassen – who invested in her failing brand – explained that he also helped by reining in her excessive spending habits.
In one shock admission he revealed the designer was spending £85,000 just on plants for the office.
On her new Netflix show, Victoria Beckham opened up about the downward spiral for her fashion business that saw her rack up losses of over £66 million after her frivolous spending
In one shock admission it was revealed the designer was spending £85,000 just on plants for the office (David Beckham is pictured in the garden of their Cotswold home)
‘She loved plants,’ David mused. ‘And it was costing her £70,000 a year. And then there was someone who was coming to water the plants for 15,000 a year – and that’s only the beginning!
‘So I went her and I decided to just tell the truth, exactly the way it is, and I didn’t know how she’d react.
‘I said, “Victoria we have to change everything, restructure the business, and that’s gonna be painful”, and when I finished she just listened and she left a little silence.’
Victoria explained: ‘ I took it on the chin, it was hard hearing those things. I hadn’t been to business school, I’d come from an entertainment background.
‘I didn’t realise it at the time but the waste was mind-blowing.
‘I mean, I had 15 different linings for the insides of her outerwear, bizarre things like flowing chairs from one side of the world to the other.
‘I hear it now and I’m horrified but I allowed that to happen. I think part of the problem was people were really afraid to tell me no.
‘There’s a power to be honest, the power of celebrity. People thought I wasn’t used to hearing no.’
Businessman David Belhassen – who invested in her failing brand – explained that he helped Victoria by reining in her excessive spending habits
In 2023 she finally started making a profit for the time in 15 years – with an £890 clutch bag, a £30 eyeliner and a carefully orchestrated social media strategy credited with the turnaround
Her husband David, who invested millions into his wife’s ailing brand, reflected on the fear he felt when he could see the numbers spiralling.
‘It made me panic, David confessed. ‘I was panicked by it because I never saw anything coming back.
We always agreed that we would support each other no matter what but it worried me. It wasn’t sustainable.’
Victoria added: ‘There was a lot of waste, we were millions of pounds in the red.
‘I didn’t know what to do and I was so desperate to save this business that I cared so much about.
‘I felt like I was breaking down myself. I felt embarrassed… I was in a hole, it felt like I was in quicksand.’
Reflecting on the chats they had about finances, David continued: ‘Part of that conversation broke my heart because Victoria is a very proud woman.
‘When we met, Victoria was a lot richer than me. She bought our first house in Herfordshire – Beckingham Mansion.
‘So for her to have to come to me and say we need some more money, that was hard for both of us, because I didn’t have the money to keep doing this.’
Victoria’s husband David, who invested millions into his wife’s ailing brand, reflected on the ‘panic’ he felt when he could see the numbers spiralling
When Victoria’s business started making a profit a friend of the star’s said that she WAS ‘so happy’ to have turned around the business, particularly as it came before she celebrated her 50th birthday.
The friend told Daily Mail: ‘It feels like two special milestones have come together. Victoria is just so happy.’
Auditors had previously warned that the business risked going bust without further financial support from shareholders, which include the Beckhams and private equity firm Neo Investment Partners.
The luxury label has borrowed more than £30 million from other parts of the Beckham business empire over the past 15 years.
However, 2022’s results marked ‘a turning point where the group became profitable’.
Revenue surged 44 per cent to £58.8 million that year compared to £40.9 million in 2021.
In an interview with Vogue France, Victoria revealed the brand had turned a profit saying ‘this is just the beginning, I have lots of ambitions and I work hard to achieve my goals.’
She went on: I never wait for things to just fall into my lap. It’s such an exciting time. This year, we made a profit! This takes time, especially for an independent brand. My perfume isn’t a license – I own it.
‘Now that I have laid down the groundwork for the house, the real work can begin.’
Victoria’s Netflix show comes from the makers of Beckham and Michelle Obama ‘s Becoming, following the success of husband David’s docuseries
Victoria’s Netflix show comes from the makers of Beckham and Michelle Obama‘s Becoming, following the success of husband David’s docuseries.
It delves deep into her fashion brand and followed her in the runup to her Paris Fashion Week show last September.
England football legend David, whom Victoria wed in 1999, already found huge success with his Netflix documentary Beckham last year, in which Victoria starred.
David recently admitted the new documentary ‘wasn’t the easiest thing to get her to agree to’ but gushed that Victoria is ‘unbelievably hard-working and very clever’ and the world deserves to see that.
Victoria Beckham is streaming on Netflix now.
