David Beckham ‘Bails Out Wife Victoria’s Fashion Empire’
David Beckham has reportedly bailed out his wife Victoria Beckham’s fashion empire after her high-end designer brand lost $6 million in just one year.
Beckham opened her new $4.8 million shop in London’s posh Mayfair district in 2014, with the luxurious high-end store including a VIP area and artwork by British designer Damien Hirst adorning the walls.
However, after an apparently disappointing few months for the ex-Spice Girl, her husband is said to have stepped in to help, giving her $8.3 million to push through the difficult time.
Chartered accountant Robert Leach told Britain’s The Sun newspaper: “The accounts suggest it is a transfer of operations between companies owned by Victoria and David. In effect the couple are simply moving the profits between themselves.”
Reports of a tough financial year are in sharp contrast to 2014, in which Victoria’s fashion brand – which includes her couture and ready-to-wear collections – made a turnover of $54 million.
David Beckham is the highest paid former sportsman in the world, due to his deals with companies including Adidas, H&M and luxury watch firm Breitling, as well as other business ventures. Forbes magazine reported that he was worth more than $81.2 million last year.
The couple have gone from strength to strength since launching their ‘second’ careers, but are still reliant on David’s personal income. Last year, his companies made a $20.3 million profit, the newspaper reports.
A representative for the couple have yet to comment.