8 hours ago | By Alice Gividen
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Victoria Beckham’s fashion business has been valued at £100m following a new cash injection.
The company has received £30m from Neo Investment Partners, which is run by David Belhassen, the executive who founded French bakery chain Paul, to secure an undisclosed minority stake in the firm.
“This partnership will enable the Victoria Beckham brand to enhance both its digital and physical retail presence, drive growth in core categories and will allow it to launch into new categories and collaborations,” the company said in a statement Monday. The company will move to new West London premises in spring 2018, it added.
Beckham herself added: “Partnership and collaboration is incredibly important to me – working with an amazing team has been the root of the success of my business over the past 10 years. Neo is the perfect partner to now accompany us on the next step of our journey: they understand my vision and my wish for the company to retain its independence, as well as my commitment to continuing to develop the brand with a unique, forward thinking approach.”
Currently available in Selfridges and Harvey Nichols in the UK and Bloomingdale’s in the US, the label also has two standalone stores in London and Hong Kong.
According to investment sources telling the Daily Telegraph, the deal will value Victoria Beckham Ltd at roughly twice last year’s sales. It is understood the company remains loss-making as it funds expansion.
Global revenues for the year ending December 2016 were £36m and first half 2017 revenues indicate double-digit growth on the year, the company said in its release.
The designer’s company is controlled by Beckham Brand Holdings, which is a joint venture between Victoria and David Beckham and music-to-business entrepreneur Simon Fuller.
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