Victoria Beckham has admitted she can’t afford to run a runway show during Fashion Week in September.
I spoke to Evening Standard editor Emily Sheffield before London Rising Thursday, the 47-year-old designer confessed that her eponymous label is struggling financially after the pandemic.
She also lamented that major labels such as Burberry and Chanel could continue as usual, admitting that she had hoped the pandemic had “leveled the playing field.”
The confession comes after it was revealed that Victoria’s fashion label has suffered a total loss of over £ 46 million since launch.
Tied for Money: Victoria Beckham has admitted she can’t afford to put on a runway show during Fashion Week in September in a conversation with London Rising
When asked about her plans for Fashion Week in the fall, Victoria thought, ‘Let’s hope we’re out of this pandemic by September.
‘I really believe the best way to look at fashion is a fashion show, to see the clothes, hear the clothes, see models in the clothes, it’s hard to find a way that can beat that. We’ve done our best to show that digitally, but it’s difficult. ‘
‘Am I doing a show in September? I do not know. If I’m really honest, the pandemic has affected my business.
‘Will I be able to spend all that money on a show? I don’t know, probably not. It will probably still be digital. ‘
Wrestling: Victoria said she hoped the pandemic had ‘leveled the playing field’ with brands (pictured on her runway show at London Fashion Week in February 2020)
She continued: “I wouldn’t like to, but I’m just optimistic and realistic at the same time. It has affected things. I’m lucky to still have a business, but doing fashion shows costs a lot of money. ‘
Victoria went on to point out the industry discrepancies, complaining that big brands have been able to host shows, while smaller companies like hers have not had the same luxury.
She said, ‘I was hoping when the pandemic first hit it would make the fashion industry a more even playing field.
‘I thought everyone was going to be forced to be more creative – it’s not about just spending money on all the big shows and extravaganza, flying editors from one side of the world to the other – but unfortunately that didn’t happen . It keeps happening.
‘The big shows still happen from the big houses, they just film the shows and then show them on social media. Which I think is great for the people who can … but for the smaller brands that can’t, it makes it a really, really tough place to try and – you’re competing in the end. ‘
Keeping Online: Victoria admitted her next show should probably be digital (Photo: British Vogue editor Edward Enninful, Romeo Beckham, Cruz Beckham, David Beckham, Harper Beckham and Anna Wintour on Victoria’s runway show in February 2020)
Victoria concluded, “I imagine the big houses will do that again in September and the smaller homes will just have to try to find more creative ways to attract attention, to communicate their collection.”
The former Spice Girl revealed she’s also considering going back to roots and hosting a small showcase instead of going digital.
She explained, “That’s how I started in New York all those years ago. I did very small presentations where I had two models and 10 dresses and I did individual presentations, so maybe we’ll go back to that.
‘I would love to do something. I enjoy it. ‘
The designer’s candid admission comes after it was revealed that her fashion label has suffered a total loss of over £ 46 million since launch.
In the accounts filed in February, accountants warned of “ significant doubts ” about the company’s ability to continue to operate.
The brand also posted losses of £ 11.8 million for 2019 and £ 12.3 million for 2018.
It was also revealed that her beauty range that she launched in 2019 suffered a loss of £ 4.7 million.
Victoria confessed: ‘Am I doing a show in September? I do not know. If I’m very honest, the pandemic is affecting my business’
While the former Spice Girl’s publicists tried to give a positive shine to the numbers, accountants said the company needs financial backing from shareholders to keep it afloat.
“These events or conditions indicate that there is a material uncertainty that could cast significant doubts about the ability of the enterprise to continue as a going concern,” the auditors wrote.
Victoria launched her fashion label in 2008 with a small collection of dresses. It quickly grew into an extensive range that now includes handbags, jackets, shoes and accessories.
Losses: The designer’s candid admission comes after it was revealed that her fashion label has suffered a total loss of over £ 46 million since launch
Now friends of the star say she is determined to continue with her business, even though her detractors have dismissed it as a vanity project.
In January, it was revealed that she and husband David had paid themselves £ 40,000 a day thanks to the profits of his company, DB Ventures, which covered Victoria’s losses in previous years.
She was criticized last year for trying to use the government’s leave scheme to pay 30 of her 120 staff and was forced into an embarrassing turnaround.
A spokeswoman for Victoria told MailOnline: ‘While 2019 was a challenging year, the company cut losses in half – an important step towards profitability.
The launch of the hugely successful beauty line in the same year has helped drive total sales up 7% from 2018 and both companies are focused on profitable growth.
“The showcase of the recent AW21 fashion collection has been well received by fashion critics and the beauty industry has seen several sold out products in recent months.”
Businesswoman: Victoria launched her fashion label in 2008 with a small collection of dresses. It quickly grew into an extensive range