Victoria Beckham Ltd, the fashion and beauty company founded by the pop star reported that their Revenues rose to £89.1 million (US$116.88 million), representing a 52% growth compared to the previous year. Meanwhile, operating losses were reduced to just £0.2 million in 2023 from £0.9 million in the previous year.
The company recorded “strategic progress” in both fashion and beauty, with which It was a third consecutive year of double-digit revenue growth.
The repositioning of the fashion brand continued during the year “with substantial sales growth across all three channels”: wholesale, online and at its flagship store in Mayfair, London.
Among the best-selling products in 2023 is the midi dress with a gathered waist, which even accounted for one in ten online sales and continues to be a hit. This highly coveted garment was launched at last year’s spring/summer show and immediately became the best-selling item of the season.
LThe company also saw a 13% year-over-year increase in leather belt sales. Victoria Beckham’s leather goods line, launched in 2022, now accounts for 20% of all sales.
The beauty sector also showed strengthwith revenues increasing thanks to the expansion of the portfolio in the eye category with new shades and products, while making its debut in the eyebrow category and launching into the competitive contouring market with Contour Stylus.
In this context, Marie LeBlanc, CEO of Victoria Beckham since 2019, said that 2023 was “another very solid year of progress for the company.” The fashion and cosmetics company is looking to establish itself as a global luxury brand while building a loyal consumer base through its Paris Fashion Week shows.
The brand also plans to boost its presence and sales through new collaborations such as the latest one with the Catalan fashion distribution group, Mango. The Victoria Beckham x Mango collection performed well in direct-to-consumer and leather goods channels. Victoria Beckham is also working with Netflix to create a documentary that will cover the businesswoman’s facet as a fashion designer.
Meanwhile, David Belhassen, founder of NEO Investment Partners, the company’s investment fund partner, added: “Against a challenging environment, the Victoria Beckham Group has maintained its very high growth with revenues up more than 50% year-on-year in 2023, with EBITDA profitability improving. The team is working hard to continue building the VB ‘house’ on ever stronger foundations. The priority remains the development of products to the highest standards to offer our community complete satisfaction.”
Source: Ambito
I am an author and journalist who has worked in the entertainment industry for over a decade. I currently work as a news editor at a major news website, and my focus is on covering the latest trends in entertainment. I also write occasional pieces for other outlets, and have authored two books about the entertainment industry.
