PA MediaVictoria Beckham’s fashion and beauty business has enjoyed surging sales as its best-selling eyeliner helped it shrug off a wider downturn for designer brands.
The label founded by the former Spice Girl reported its fourth year in a row of sales growth.
Revenues for Victoria Beckham Holdings Ltd totalled £112.7m over 2024, 27% higher than 2023.
Sales were lifted across both the fashion business and the beauty division, which incorporates makeup, skincare and fragrance.
Within the clothing range, best-selling items included midi-length and gown-style crepe dresses and tailored styles in bold colours inspired by the founder.
Its beauty arm was given a boost by the best-selling Satin Kajal Liner product, which retails for £32 and which the company said is bought once every 30 seconds on average.
PA MediaThe Victoria Beckham brand is sold in 230 stores in 50 countries around the world, including the UK’s Selfridges and Harrods department stores, as well as on its website.
Despite growing sales, operating losses for the business widened to £1.6m for 2024, from £215,000 the previous year.
The company has not made an operating profit since it was formed in 2008.
However, earnings before interest, tax, depreciation and amortisation (EBIDTA) grew to £2.2m in 2024 from £1.8m in 2023.
A docu-series based around Victoria Beckham is set to launch on streaming platform Netflix this autumn, following the businesswoman and former girl band member since the launch of her brand and through her rise in the fashion and beauty world.
Chief executive Sybille Darricarrere Lunel said 2024 was a “pivotal year for the Victoria Beckham business, marked by strategic investment and rightsizing to position the business for long-term, profitable growth”.
The former Dior executive, who stepped into the top job last month, said strong consumer demand came “despite a challenging market environment”.
The luxury retail sector has faced a prolonged downturn as it grappled with weaker consumer demand and rising costs, particularly in key markets in China and Asia.
Designer brand Burberry recently launched a new strategy aimed at reducing business costs and boosting sales after coming under pressure from weaker luxury spending.
Handbag maker Mulberry is also undergoing a major turnaround plan including efforts to simplify its operations, with the closure of 12 loss-making shops in Asia, and refreshing the brand identity.
Follow STV News on WhatsApp
Scan the QR code on your mobile device for all the latest news from around the country
